UNITED STATESSECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549☒☐

FORM 10-K
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934
For the fiscal year ended September 30, 2022
or

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGEACT OF 1934
Commission File Number 001-32356

SPDR® GOLD TRUSTSPONSORED BY WORLD GOLD TRUSTSERVICES, LLC(Exact name of registrant as specified in its charter)
New York

81-6124035(State or other jurisdiction ofincorporation or organization)(I.R.S. Employer
Identification No.)

c/o World Gold Trust Services, LLC
685 Third Avenue, Suite 2702
New York, New York 10017(212) 317-3800(Address of principal executive offices, telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:
Title of each class

Trading Symbol(s) Name

Name of each exchange on which registered

SPDR Gold Shares

GLD

NYSE Arca, Inc.

®

®

Securities registered pursuant to Section 12(g) of the Act: None.
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.

Yes ☒ No ☐Yes ☐ No ☒Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days. Yes ☒ No ☐Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted and posted pursuant
to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such
files). Yes ☒ No ☐Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or
an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging
growth company” in Rule 12b-2 of the Exchange Act. (Check one):
Large accelerated filer☒

Accelerated filer ☐Non-Accelerated filer☐

Smaller reporting company ☐Emerging growth company ☐If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any
new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal
control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that
prepared or issued its audit report. ☒Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒Aggregate market value of registrant’s common stock held by non-affiliates of the registrant, based upon the closing price of a share of theregistrant’s common stock on March 31, 2022 as reported by the NYSE Arca, Inc. on that date: $68,128,669,000
Number of shares of the registrant’s common stock outstanding as of November 22, 2022: 313,200,000

DOCUMENTS INCORPORATED BY REFERENCE: NoneFORWARD LOOKING STATEMENTS
This Annual Report on Form 10-K contains various “forward-looking statements” within the meaning of Section 27A of the Securities
Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and within the Private Securities
Litigation Reform Act of 1995, as amended. Forward-looking statements usually include the verbs “anticipates,” “believes,”“estimates,” “expects,” “intends,” “plans,” “projects,” “understands,” and other verbs suggesting uncertainty. We remind readers thatforward-looking statements are merely predictions and therefore inherently subject to uncertainties and other factors and involve
known and unknown risks that could cause the actual results, performance, levels of activity, or our achievements, or industry results,
to be materially different from any future results, performance, levels of activity, or our achievements expressed or implied by suchforward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only
as of the date hereof. The Trust undertakes no obligation to publicly release any revisions to these forward-looking statements toreflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
Additional significant uncertainties and other factors affecting forward-looking statements are presented in Item 1A. “Risk Factors”.

“SPDR” is a product of S&P Dow Jones Indices LLC (“SPDJI”) and has been licensed for use by State Street Corporation.
Standard & Poor’s and S&P are registered trademarks of Standard & Poor’s Financial Services LLC (“S&P”); Dow Jones is a
registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”); “SPDR” is a trademark of SPDJI; and these trademarks
have been licensed for use by SPDJI and sublicensed for certain purposes by State Street Corporation. State Street Corporation’s
financial products are not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, their respective affiliates, and none ofsuch parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability for any
errors, omissions or interruptions of SPDR®. Further limitations that could affect investors’ rights may be found in this Annual Report.
WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT SHALL S&P HAVE ANY LIABILITY FOR ANY SPECIAL,PUNITIVE, INDIRECT, OR CONSEQUENTIAL DAMAGES (INCLUDING, BUT NOT LIMITED TO LOST PROFITS), EVEN IF
NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES.
THE LBMA GOLD PRICE, WHICH IS ADMINISTERED AND PUBLISHED BY ICE BENCHMARK ADMINISTRATION
LIMITED (“IBA”), SERVES AS, OR AS PART OF, AN INPUT OR UNDERLYING REFERENCE FOR SPDR® GOLD TRUST.
THE LBMA GOLD PRICE IS A TRADEMARK OF PRECIOUS METALS PRICES LIMITED, AND IS LICENSED TO IBA AS
THE ADMINISTRATOR OF THE LBMA GOLD PRICE. ICE BENCHMARK ADMINSTRATION IS A TRADEMARK OF IBA
AND/OR ITS AFFILIATES. THE LBMA GOLD PRICE PM, AND THE TRADEMARKS LBMA GOLD PRICE AND ICE
BENCHMARK ADMINISTRATION, ARE USED BY SPDR® GOLD TRUST WITH PERMISSION UNDER LICENCE BY IBA.
IBA AND ITS AFFILIATES MAKE NO CLAIM, PREDICATION, WARRANTY OR REPRESENTATION WHATSOEVER,
EXPRESS OR IMPLIED, AS TO THE RESULTS TO BE OBTAINED FROM ANY USE OF THE LBMA GOLD PRICE, OR THE
APPROPRIATENESS OR SUITABILITY OF THE LBMA GOLD PRICE FOR ANY PARTICULAR PURPOSE TO WHICH IT
MIGHT BE PUT, INCLUDING WITH RESPECT TO SPDR® GOLD TRUST. TO THE FULLEST EXTENT PERMITTED BYAPPLICABLE LAW, ALL IMPLIED TERMS, CONDITIONS AND WARRANTIES, INCLUDING, WITHOUT LIMITATION, AS
TO QUALITY, MERCHANTABILITY, FITNESS FOR PURPOSE, TITLE OR NON-INFRINGEMENT, IN RELATION TO THE
LBMA GOLD PRICE, ARE HEREBY EXCLUDED AND NONE OF IBA OR ANY OF ITS AFFILIATES WILL BE LIABLE IN
CONTRACT OR TORT (INCLUDING NEGLIGENCE), FOR BREACH OF STATUTORY DUTY OR NUISANCE, FORMISREPRESENTATION, OR UNDER ANTITRUST LAWS OR OTHERWISE, IN RESPECT OF ANY INACCURACIES,ERRORS, OMISSIONS, DELAYS, FAILURES, CESSATIONS OR CHANGES (MATERIAL OR OTHERWISE) IN THE LBMAGOLD PRICE, OR FOR ANY DAMAGE, EXPENSE OR OTHER LOSS (WHETHER DIRECT OR INDIRECT) YOU MAY
SUFFER ARISING OUT OF OR IN CONNECTION WITH THE LBMA GOLD PRICE OR ANY RELIANCE YOU MAY PLACE
UPON IT.

iTABLE OF CONTENTS
PagePART I
Item 1.

Business ........................................................................................................................................................................
Investment Objective ....................................................................................................................................................
Overview ......................................................................................................................................................................
The Gold Industry.........................................................................................................................................................
Creation and Redemption of Shares .............................................................................................................................
Trust Expenses..............................................................................................................................................................
The Sponsor ..................................................................................................................................................................
The Trustee ...................................................................................................................................................................
The Marketing Agent....................................................................................................................................................
The Custodian ...............................................................................................................................................................
Custody of the Trust’s Gold .........................................................................................................................................
Description of the Custody Agreements .......................................................................................................................
Description of the Shares ..............................................................................................................................................
United States Federal Tax Consequences .....................................................................................................................
ERISA and Related Considerations ..............................................................................................................................
Item 1A. Risk Factors ..................................................................................................................................................................
Item 1B. Unresolved Staff Comments .........................................................................................................................................
Item 2.
Properties ......................................................................................................................................................................
Item 3.
Legal Proceedings ........................................................................................................................................................
Item 4.
Mine Safety Disclosures ...............................................................................................................................................
PART II
Item 5.
Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities ...
Item 6.
[Reserved].....................................................................................................................................................................
Item 7.
Management’s Discussion and Analysis of Financial Condition and Results of Operations .......................................
Item 7A. Quantitative and Qualitative Disclosures about Market Risk .......................................................................................
Item 8.
Financial Statement and Supplementary Data ..............................................................................................................
Item 9.
Changes in and Disagreements with Accountants on Accounting and Financial Disclosure .......................................
Item 9A. Controls and Procedures ...............................................................................................................................................
Item 9B. Other Information .........................................................................................................................................................
Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections ..........................................................................
PART III
Item 10. Directors, Executive Officers and Corporate Governance ...........................................................................................
Item 11. Executive Compensation ..............................................................................................................................................
Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters .....................
Item 13. Certain Relationships and Related Transactions and Director Independence...............................................................
Item 14. Principal Accounting Fees and Services .......................................................................................................................
PART IV
Item 15. Exhibits and Financial Statement Schedules ................................................................................................................
Item 16. Form 10-K Summary ...................................................................................................................................................

ii

1
1
1
1
3
6
9
10
10
11
12
12
13
15
16
19
20
27
27
27
27
28
28
28
28
32
32
32
32
35
35
36
36
38
38
38
38
40
40
42

PART I
Item 1. Business
SPDR® Gold Trust (the “Trust”) is an investment trust, formed on November 12, 2004 under New York law pursuant to a trust
indenture (the “Trust Indenture”). The Trust holds gold and from time to time issues SPDR® Gold Shares (the “Shares”) in Baskets in
exchange for deposits of gold and distributes gold in connection with redemptions of Baskets. A Basket equals a block of
100,000 Shares. The investment objective of the Trust is for the Shares to reflect the performance of the price of gold bullion, less theTrust’s expenses. World Gold Trust Services, LLC (“WGTS”) is the sponsor of the Trust (the “Sponsor”). BNY Mellon Asset
Servicing, a division of The Bank of New York Mellon (“BNYM”) is the trustee of the Trust (the “Trustee”). State Street Global
Advisors Funds Distributors, LLC (“SSGA”) is the marketing agent of the Trust (the “Marketing Agent”). HSBC Bank plc (“HSBC”)
is the custodian of the Trust (the “Custodian”).
The Sponsor of the registrant maintains an Internet website at www.spdrgoldshares.com, through which the registrant’s annual reports
on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and amendments to those reports filed or furnishedpursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), are made available freeof charge after they have been filed or furnished to the Securities and Exchange Commission (the “SEC”). Additional information
regarding the Trust may also be found on the SEC’s EDGAR database at www.sec.gov.
Investment Objective
The Shares are intended to offer investors an opportunity to participate in the gold market through an investment in securities.
Historically, the logistics of buying, storing and insuring gold have constituted a barrier to entry for some institutional and retailinvestors. The ownership of the Shares is intended to overcome these barriers to entry. The logistics of storing and insuring gold aredealt with by the Custodian, and the related expenses are built into the price of the Shares. Therefore, the investor does not have any
additional tasks or costs over and above those associated with investing in any other publicly traded security.
The Shares are intended to provide institutional and retail investors with a simple and cost-efficient means of gaining investment
benefits similar to those of holding allocated gold bullion. The Shares offer an investment that is:•

Easily Accessible. Investors can access the gold market through a traditional brokerage account. The Sponsor believes
that investors will be able to more effectively implement strategic and tactical asset allocation strategies that use gold byusing the Shares instead of using the traditional means of purchasing, trading and holding gold.

•

Relatively Cost Efficient. The Sponsor believes that, for many investors, transaction costs related to the Shares will belower than those associated with the purchase, storage and insurance of allocated gold.

•

Exchange Traded. The Shares trade on NYSE Arca, Inc. (“NYSE Arca”) providing investors with an efficient means
to buy, sell, or sell short in order to implement a variety of investment strategies. The Shares are eligible for marginaccounts. The Shares are also listed on the Mexican Stock Exchange (Bolsa Mexicana de Valores), the Singapore
Exchange Limited, the Hong Kong Exchanges and Clearing Limited and the Tokyo Stock Exchange.

•

Backed by Gold Held by the Custodian on Behalf of the Trust. The Shares are backed by the assets of the Trust and theTrust does not hold or employ any derivative securities. Further, the Trust’s holdings and their value based on current
market prices are reported on the Trust’s website each business day. The Trustee’s arrangements with the Custodian
provide that at the end of each business day there can be in the Trust account maintained by the Custodian no gold in an
unallocated form. Accordingly, the Trust’s gold holdings are identified on the Custodian’s books as the property of theTrust and held in London.

Overview
The Shares represent units of fractional undivided beneficial interest in and ownership of the Trust. The Trust is not managed like a
corporation or an active investment vehicle. The gold held by the Trust will only be sold: (1) on an as-needed basis to pay Trust
expenses, (2) in the event the Trust terminates and liquidates its assets, or (3) as otherwise required by law or regulation. The sale ofgold by the Trust is a taxable event to shareholders of the Trust (“Shareholders”). See “United States Federal Tax Consequences—
Taxation of U.S. Shareholders.”
The Trust is not registered as an investment company under the Investment Company Act of 1940 and is not required to register undersuch act. The Trust will not hold or trade in commodity futures contracts regulated by the Commodity Exchange Act of 1936 (the“CEA”) as administered by the Commodity Futures Trading Commission (the “CFTC”). The Trust is not a commodity pool for
purposes of the CEA, and none of the Sponsor, the Trustee or the Marketing Agent is subject to regulation as a commodity pool
operator or a commodity trading advisor in connection with the Shares.

1

The Trust creates and redeems Shares from time to time, but only in Baskets. The number of outstanding Shares changes from time totime as a result of the creation and redemption of Baskets. The creation and redemption of Baskets requires the delivery to the Trust or
the distribution by the Trust of the amount of gold and any cash represented by the Baskets being created or redeemed. The total
amount of gold and any cash required for the creation of Baskets is based on the combined net asset value (the “NAV”) of the numberof Baskets being created or redeemed. The number of ounces of gold required to create a Basket or to be delivered upon theredemption of a Basket will continue to gradually decrease over time. This is because the Shares comprising a Basket will represent a
decreasing amount of gold due to the sale of the Trust’s gold to pay the Trust’s expenses.
Baskets may be created or redeemed only by Authorized Participants. An Authorized Participant is a person who: (1) is a registeredbroker-dealer or other securities market participant such as a bank or other financial institution which is not required to register as a
broker-dealer to engage in securities transactions; (2) is a participant in the Depository Trust Company system (“DTC”); (3) has
entered into an agreement with the Sponsor and the Trustee which provides the procedures for the creation and redemption of Baskets
and for the delivery of the gold and any cash required for such creations and redemptions, or a Participant Agreement; and (4) has
established an unallocated gold account with the Custodian (“Authorized Participant Unallocated Account”). Authorized Participants
pay a transaction fee of $2,000 for each order to create or redeem Baskets. Authorized Participants may sell to other investors all orpart of the Shares included in the Baskets they purchase from the Trust.
The ICE Benchmark Administration Limited (the “IBA”) provides the auction platform and methodology as well as the overall
independent administration and governance for the LBMA Gold Price. In determining the NAV of the Trust, the Trustee values thegold held by the Trust on the basis of the price of an ounce of gold determined by the IBA 3:00 PM auction process (“LBMA Gold
Price PM”), which is an electronic auction, with the imbalance calculated, and the price adjusted in rounds (30 seconds in duration).
The auction runs twice daily at 10:30 AM and 3:00 PM London time.
The Trustee determines the NAV of the Trust on each day the NYSE Arca is open for regular trading, at the earlier of the LBMA Gold
Price PM for the day or 12:00 PM New York time. If no LBMA Gold Price PM is announced on a particular evaluation day or if the
LBMA Gold Price PM has not been announced by 12:00 PM New York time on a particular evaluation day, the next most recent
LBMA Gold Price (AM or PM) is used in the determination of the NAV of the Trust, unless the Trustee, in consultation with theSponsor, determines that such price is inappropriate to use as the basis for such determination. In the event the Trustee and theSponsor determine that such price is not an appropriate basis for valuation of the Trust’s gold, they will identify an alternative basis
for such valuation to be employed by the Trustee.
To determine the Trust’s NAV, the Trustee subtracts all estimated accrued fees, expenses and other liabilities of the Trust from thetotal value of the gold and all other assets of the Trust.
The Trust’s assets only consist of allocated gold bullion and gold receivable when recorded; representing gold covered bycontractually binding orders for the creation of Shares where the gold has not yet been transferred to the Trust’s account and, fromtime to time, cash, which will be used to pay expenses. Cash held by the Trust will not generate any income. The Trust does not holdany derivative instruments. Each Share represents a proportional interest, based on the total number of Shares outstanding, in the gold
and any cash held by the Trust, less the Trust’s liabilities (which include accrued expenses). While the secondary market trading priceof the Shares has fluctuated in response to the price of gold, the Sponsor believes that the trading price of the Shares reflects theestimated accrued expenses of the Trust.
Sales of GoldThe Trustee, at the direction of the Sponsor or in its own discretion, sells the Trust’s gold as necessary to pay the Trust’s expenses. As
a result, the amount of gold sold will vary from time to time depending on the level of the Trust’s expenses and the market price ofgold. Unless otherwise directed by the Sponsor, the Trustee will sell gold to the Custodian at the next LBMA Gold Price PM
following the sale order. Neither the Trustee nor the Sponsor is liable for depreciation or loss incurred by reason of any sale. See“United States Federal Tax Consequences—Taxation of U.S. Shareholders” for information on the tax treatment of gold sales.
The Trustee may also sell the Trust’s gold if the Sponsor notifies the Trustee that the sale of gold is required by applicable law or
regulation or in connection with the termination and liquidation of the Trust. The Trustee will not be liable or responsible in any way
for depreciation or loss incurred by reason of any sale of gold directed by the Sponsor. Any property received by the Trust other thangold, cash or an amount receivable in cash (such as, for example, an insurance claim) will be promptly sold or otherwise disposed ofby the Trustee.

2Gold Price Information
Investors may obtain on a 24-hour basis gold pricing information based on the spot price for an ounce of gold from various financial
information service providers. Current spot prices are also generally available with bid/ask spreads from gold bullion dealers. In
addition, the Trust’s website provides ongoing pricing information for gold spot prices and the Shares. Market prices for the Sharesare available from a variety of sources including brokerage firms, information websites and other information service providers. The
NAV of the Trust is published by the Sponsor on each day that NYSE Arca is open for regular trading and is posted on the Trust’s
website at www.spdrgoldshares.com.
The Gold Industry
Gold Supply and DemandGold is a physical asset that is accumulated rather than consumed. As a result, virtually all the gold that has ever been mined still
exists today in one form or another. The following table is a summary of the world gold supply and demand for the past 5 years. It isbased on information reported in the Gold Focus 20221.

1

Gold Focus 2022 is published by Metals Focus, Ltd. which is a precious metals research consultancy based in London. Metals
Focus Data Ltd., an affiliate of the Sponsor, provides the supply and demand data to Metals Focus, Ltd. When used in thisprospectus “tonne” refers to one metric tonne, which is equivalent to 1,000 kilograms or 32,151 troy ounces.

World Gold Supply and Demand (2017—2021)
TonnesSUPPLY
Mine Production ........................................................................................................
Recycling ...................................................................................................................
Net Hedging Supply...................................................................................................
Total Supply .............................................................................................................
DEMAND
Jewelry Fabrication ....................................................................................................
Industrial Demand......................................................................................................
Net Physical Investment ............................................................................................
Net Hedging Demand ................................................................................................
Net Official Sector Buying ........................................................................................
Total Demand ...........................................................................................................
Market Balance ..........................................................................................................
Net Investment in ETPs .............................................................................................
Market Balance less ETPs .........................................................................................
Gold Price (US$/oz, London) ....................................................................................

2017

2018

2019

2020

2021

3,573
1,112
—
4,685

3,655
1,132
—
4,787

3,595
1,276
6
4,877

3,476
1,293
—
4,769

3,581
1,136
—
4,717

2,257
333
1,035
21
379
4,024
661
271
390
1,257

2,290
335
1,067
12
656
4,360
427
71
356
1,268

2,152
326
844
—
605
3,927
950
398
552
1,393

1,324
303
890
39
255
2,811
1,958
888
1,069
1,770

2,229
330
1,168
23
454
4,204
513
193
705
1,799

Source: Metals Focus Gold Focus 2022
Sources of Gold Supply
Based on data from Gold Focus 2022, gold supply averaged 4,767 tonnes per year between 2017 and 2021. Sources of gold supply
include both mine production and recycled above-ground stocks and, to a lesser extent, producer net hedging. The largest portion ofgold supplied to the market is from mine production, which averaged approximately 3,576 tonnes per year from 2017 through 2021.
The second largest source of annual gold supply is recycling gold, which is gold that has been recovered from jewelry and otherfabricated products and converted back into marketable gold. Recycled gold averaged approximately 1,190 tonnes annually between
2017 through 2021.

3

Sources of Gold Demand
Based on data from Gold Focus 2022, gold demand averaged 3,865 tonnes per year between 2017 and 2021. Gold demand generally
comes from four sources: jewelry, industry (including medical applications), investment and the official sector (including central
banks and supranational organizations). The largest source of demand comes from jewelry fabrication, which accounted forapproximately 53% of the identifiable demand from 2017 through 2021 followed by net physical investment, which represents
identifiable investment demand, which accounted for approximately 26%.
Gold demand is widely dispersed throughout the world with significant contributions from India and China. In many countries there
are seasonal fluctuations in the levels of demand for gold—especially jewelry. However, as a result of variations in the timing of
seasons throughout the world, seasonal fluctuations in demand do not appear to have a significant impact on the global gold price.
Between 2017 and 2021, according to Gold Focus 2022, central bank purchases averaged 470 tonnes. The prominence given bymarket commentators to this activity coupled with the total amount of gold held by the official sector has resulted in this area being
one of the more visible shifts in the gold market.
Operation of the Gold Bullion Market
The global trade in gold consists of over-the-counter (“OTC”) transactions in spot, forwards, and options and other derivatives,
together with exchange-traded futures and options.
Global Over-the-Counter Market
The OTC market trades on a continuous basis and accounts for most global gold trading. Market makers and participants in the OTC
market trade with each other and their clients on a principal-to-principal basis. All risks and issues of credit are between the parties
directly involved in the transaction. The three products relevant to LBMA market making are Spot (S), Forwards (F) and Options (O).
There are twelve LBMA Market Makers who provide the service in one, two or all three products2.
MemberCitibank N A ............................................................................
Credit Suisse AG Zurich ..........................................................
Goldman Sachs International ...................................................
HSBC .......................................................................................
JP Morgan Chase Bank ............................................................
Morgan Stanley & Co International Ltd ..................................
UBS AG ...................................................................................
BNP Paribas SA .......................................................................
ICBC Standard Bank Plc .........................................................
Merrill Lynch International......................................................
Standard Chartered Bank .........................................................
Toronto-Dominion Bank ..........................................................

Membership Type

Full Market Makers
Full Market Makers
Full Market Makers
Full Market Makers
Full Market Makers
Full Market Makers
Full Market Makers
Market Makers
Market Makers
Market Makers
Market Makers
Market Makers

Spot (S)Forwards (F)Options (O)

x
x
x
x
x
x
x

x
x
x
x
x
x
x
x

x
x
x
x
x
x
x

x
x
x

x
x
x

The OTC market provides a relatively flexible market in term of quotes, price, size, destinations for delivery and other factors. Bullion
dealers customize transactions to meet their clients’ requirements. The OTC market has no formal structure and no open-outcry
meeting place.
The main centers of the OTC market are London, New York and Zurich. Mining companies, central banks, manufacturers of jewelry
and industrial products, together with investors and speculators, tend to transact their business through one of these centers. Centerssuch as Dubai and several cities in the Far East also transact substantial OTC market business. Bullion dealers have offices around theworld and most of the world’s major bullion dealers are either members or associate members of the LBMA.
In the OTC market, the standard size of gold trades ranges between 5,000 and 10,000 ounces. Bid-offer spreads are typically $0.50 per
ounce. Transaction costs in the OTC market are negotiable between the parties and therefore vary widely, with some dealers willing tooffer clients competitive prices for larger volumes, although this will vary according to the dealer, the client and market conditions.
Cost indicators can be obtained from various information service providers as well as dealers.

4Liquidity in the OTC market can vary from time to time during the course of the 24-hour trading day. Fluctuations in liquidity arereflected in adjustments to dealing spreads—the difference between a dealer’s “buy” and “sell” prices. The period of greatest liquidity
in the gold market generally occurs at the time of day when trading in the European time zones overlaps with trading in the UnitedStates, which is when OTC market trading in London, New York and other centers coincides with futures and options trading on the
Commodity Exchange Inc. (the “COMEX”).
The London Bullion Market
Although the market for physical gold is global, most OTC market trades are cleared through London. In addition to coordinating
market activities, the LBMA acts as the principal point of contact between the market and its regulators. A primary function of the
LBMA is its involvement in the promotion of refining standards by maintenance of the “London Good Delivery Lists,” which are thelists of LBMA accredited melters and assayers of gold. The LBMA also coordinates market clearing and vaulting, promotes goodtrading practices and develops standard documentation.
2

http://www.lbma.org.uk/aboutmembership

The term “loco London” refers to gold bars physically held in London that meet the specifications for weight, dimensions, fineness (orpurity), identifying marks (including the assay stamp of an LBMA acceptable refiner) and appearance set forth in “The Good Delivery
Rules for Gold and Silver Bars” published by the LBMA. Gold bars meeting these requirements are known as “London Good
Delivery Bars.” The unit of trade in London is the troy ounce, whose conversion between grams is: 1,000 grams = 32.1507465 troy
ounces and 1 troy ounce = 31.1034768 grams. A London Good Delivery Bar is acceptable for delivery in settlement of a transaction
on the OTC market. Typically referred to as 400- ounce bars, a London Good Delivery Bar must contain between 350 and 430 finetroy ounces of gold, with a minimum fineness (or purity) of 995 parts per 1,000 (99.5%), be of good appearance and be easy to handle
and stack. The fine gold content of a gold bar is calculated by multiplying the gross weight of the bar (expressed in units of 0.025 troy
ounces) by the fineness of the bar.
LBMA Gold Price
The LBMA Gold Price is determined twice daily during London trading hours through an auction which provides reference gold
prices for that day’s trading. The LBMA Gold Price was initiated on March 20, 2015 and replaced the London PM Gold Fix. The
auction that determines the LBMA Gold Price is a physically settled, electronic and tradeable auction, with the ability to settle tradesin U.S. dollars, euros or British pounds. The IBA provides the auction platform and methodology as well as the overall administrationand governance for the LBMA Gold Price. Many long-term contracts are expected to be priced on the basis of either the morning(AM) or afternoon (PM) LBMA Gold Price, and many market participants are expected to refer to one or the other of these prices
when looking for a basis for valuations.
The Financial Conduct Authority (the “FCA”) in the U.K. regulates the LBMA Gold Price.
Futures Exchanges
The most significant gold futures exchange is the COMEX, part of the CME Group. It began to offer trading in gold futures contracts
in 1974, and for most of the period since that date, it has been the largest exchange in the world for trading precious metals futures andoptions. The Tokyo Commodity Exchange (the “TOCOM”) is another significant futures exchange and has been trading gold since1982. Trading on these exchanges is based on fixed delivery dates and transaction sizes for the futures and options contracts traded.
Trading costs are negotiable. As a matter of practice, only a small percentage of the futures market turnover ever comes to physicaldelivery of the gold represented by the contracts traded. Both exchanges permit trading on margin. Margin trading can add to the
speculative risk involved given the potential for margin calls if the price moves against the contract holder. Both the COMEX and the
TOCOM operate through a central clearance system, and in each case, the exchange acts as a counterparty for each member for
clearing purposes.
Over recent years China has become an important source of gold demand, and its futures markets have grown. Gold futures contracts
are traded on the Shanghai Gold Exchange and the Shanghai Futures Exchange.
Market Regulation
The global gold markets are overseen and regulated by both governmental and self-regulatory organizations. In addition, certain tradeassociations have established rules and protocols for market practices and participants.

5

Movements in the Price of GoldThe following chart provides historical background on the price of gold. The chart illustrates movements in the price of gold in U.S.
dollars per ounce over the period from the day the Shares began trading on the NYSE on November 18, 2004 to September 30, 2022,
and is based on the LBMA Gold Price PM when available from March 20, 2015 and previously the London PM Fix.
Daily Gold Price – November 18, 2004 – September 30, 2022
LBMA Gold Price PM USD

Creation and Redemption of Shares
The Trust creates and redeems Shares from time to time, but only in one or more Baskets. The creation and redemption of Baskets isonly made in exchange for the delivery to the Trust or the distribution by the Trust of the amount of gold and any cash represented by
the Baskets being created or redeemed, the amount of which is based on the combined NAV of the number of Shares included in the
Baskets being created or redeemed determined on the day the order to create or redeem Baskets is properly received. Creations ofBaskets may only be settled after the requisite gold is deposited in the allocated account of the Trust.
Authorized Participants are the only persons that may place orders to create and redeem Baskets. To become an Authorized
Participant, a person must enter into a Participant Agreement with the Sponsor and the Trustee. The Participant Agreement and therelated procedures attached thereto may be amended by the Trustee and the Sponsor without the consent of any Shareholder or
Authorized Participant. Authorized Participants who make deposits with the Trust in exchange for Baskets receive no fees,
commissions or other form of compensation or inducement of any kind from either the Sponsor or the Trust, and no such person has
any obligation or responsibility to the Sponsor or the Trust to effect any sale or resale of Shares.
Some of the activities of Authorized Participants will result in their being deemed participants in a distribution in a manner which
would render them statutory underwriters and subject them to the prospectus-delivery and liability provisions of the Securities Act of
1933, as amended (the “Securities Act”). As of the date of this annual report, the Authorized Participants are Credit Suisse Securities(USA) LLC, Goldman, Sachs & Co., Goldman Sachs Execution & Clearing, L.P., HSBC Securities (USA) Inc., J.P. Morgan
Securities LLC, Merrill Lynch Professional Clearing Corp., Morgan Stanley & Co. LLC, RBC Capital Markets LLC, UBS Securities
LLC and Virtu Americas LLC. An updated list of Authorized Participants can be obtained from the Trustee or the Sponsor.
Prior to initiating any creation or redemption order, an Authorized Participant must have entered into an agreement with the Custodian
to establish an Authorized Participant Unallocated Account in London, or a Participant Unallocated Bullion Account Agreement.
Authorized Participant Unallocated Accounts may only be used for transactions with the Trust. An unallocated account is an accountwith a bullion dealer, which may also be a bank, to which a fine weight amount of gold is credited. Transfers to or from an unallocatedaccount are made by crediting or debiting the number of ounces of gold being deposited or withdrawn. The account holder is entitledto direct the bullion dealer to deliver an amount of physical gold equal to the amount of gold standing to the credit of the accountholder. Gold held in an unallocated account is not segregated from the Custodian’s assets. The account holder therefore has noownership interest in any specific bars of gold that the bullion dealer holds or owns. The account holder is an unsecured creditor of thebullion dealer, and credits to an unallocated account are at risk of the bullion dealer’s insolvency, in which event it may not be
possible for a liquidator to identify any gold held in an unallocated account as belonging to the account holder rather than to thebullion dealer.
6

Certain Authorized Participants are able to participate directly in the gold bullion market and the gold futures market. In some cases,
an Authorized Participant may from time to time acquire gold from or sell gold to its affiliated gold trading desk, which may profit inthese instances. The Sponsor believes that the size and operation of the gold bullion market make it unlikely that an Authorized
Participant’s direct activities in the gold or securities markets will impact the price of gold or the price of the Shares. Authorized
Participants must be: (1) a DTC Participant; (2) registered as a broker-dealer under the Exchange Act, and regulated by FINRA, orsome other self-regulatory organization or will be exempt from being or otherwise not be required to be so regulated or registered; and(3) qualified to act as a broker or dealer in the states or other jurisdictions where the nature of its business so requires. Each
Authorized Participant will have its own set of rules and procedures, internal controls and information barriers as it determines isappropriate in light of its own regulatory regime.
Authorized Participants may act for their own accounts or as agents for broker-dealers, custodians and other securities market
participants that wish to create or redeem Baskets. An order for one or more Baskets may be placed by an Authorized Participant onbehalf of multiple clients. Persons interested in purchasing Baskets should contact the Sponsor or the Trustee to obtain the contact
information for the Authorized Participants. Shareholders who are not Authorized Participants will only be able to redeem their Sharesthrough an Authorized Participant.
All gold bullion must be delivered to the Trust and distributed by the Trust in unallocated form through credits and debits between
Authorized Participant Unallocated Accounts and the Trust Unallocated Account.
All gold bullion must be of at least a minimum fineness (or purity) of 995 parts per 1,000 (99.5%) and otherwise conform to the rules,
regulations, practices and customs of the LBMA, including the specifications for a London Good Delivery Bar.
Under the Participant Agreement, the Sponsor has agreed to indemnify the Authorized Participants against certain liabilities, including
liabilities under the Securities Act, and to contribute to the payments the Authorized Participants may be required to make in respectof those liabilities. The Trustee has agreed to reimburse the Authorized Participants, solely from and to the extent of the Trust’s assets,
for indemnification and contribution amounts due from the Sponsor to the extent the Sponsor has not paid such amounts when due.
The following description of the procedures for the creation and redemption of Baskets is only a summary and investors should review
the description of the procedures for the creation and redemption of Baskets set forth in the Trust Indenture, the form of Participant
Agreement and the form of Participant Unallocated Bullion Account Agreement, each of which has been filed as an exhibit to thisreport.
Creation Procedures
On any business day, an Authorized Participant may place an order with the Trustee to create one or more Baskets. Purchase orders
must be placed by 4:00 PM or the close of regular trading on NYSE Arca, whichever is earlier. The day on which the Trustee receives
a valid purchase order is the purchase order date.
By placing a purchase order, an Authorized Participant agrees to deposit gold with the Trust, or a combination of gold and cash, as
described below. Prior to the delivery of Baskets for a purchase order, the Authorized Participant must also have wired to the Trustee
the non-refundable transaction fee due for the purchase order.
Determination of Required Deposits
The total deposit required to create each Basket is an amount of gold and cash, if any, that is in the same proportion to the total assetsof the Trust (net of estimated accrued expenses and other liabilities) on the date the order to purchase is properly received as thenumber of Shares to be created under the purchase order is in proportion to the total number of Shares outstanding on the date theorder is received.
Delivery of Required Deposits
An Authorized Participant who places a purchase order is responsible for crediting its Authorized Participant Unallocated Accountwith the required gold deposit amount by the end of the second business day in London following the purchase order date. The
Custodian, after receiving appropriate instructions from the Authorized Participant and the Trustee, will transfer on the second
business day following the purchase order date the gold deposit amount by debiting such amount from the Authorized Participant
Unallocated Account and by crediting such amount to the Trust Unallocated Account and by delivery of the gold to the Trust
Allocated Account. The expense and risk of delivery, ownership and safekeeping of gold until such gold has been received by theTrust will be borne solely by the Authorized Participant. If gold is to be delivered other than as described above, the Sponsor is
authorized to establish such procedures and to appoint such custodians and establish such custody accounts as the Sponsor determines
to be desirable.
7

Acting on standing instructions given by the Trustee, the Custodian will transfer the gold deposit amount from the Trust UnallocatedAccount to the Trust Allocated Account on the second business day following the purchase order date by allocating to the Trust
Allocated Account specific bars of gold from unallocated bars which the Custodian holds or instructing a subcustodian to allocate
specific bars of gold from unallocated bars held by or for the subcustodian. The gold bars in an allocated gold account are specific tothat account and are identified by a list which shows, for each gold bar, the refiner, assay or fineness, serial number and gross and fineweight. Gold held in the Trust’s allocated account is the property of the Trust and is not traded, leased or loaned under any
circumstances.
The Custodian will transfer the gold deposit amount from the Trust Unallocated Account to the Trust Allocated Account by 2:00 PM(London time) unless the Custodian is required to use a subcustodian in the allocation process, in which event the Custodian will use
its best efforts to complete the transfer by 2:00 PM (London time). Upon Trustee’s receipt of confirmation from the Custodian that thegold deposit amount has been transferred from the Trust Unallocated Account to the Trust Allocated Account, the Trustee will direct
DTC to credit the number of Baskets ordered by the Authorized Participant to the Authorized Participant’s DTC account. During theperiod of the transfer, all Shareholders will be exposed to the risks of unallocated gold to the extent of that gold deposit amount until
the Custodian completes the allocation process.
Redemption Procedures
The procedures by which an Authorized Participant can redeem one or more Baskets mirror the procedures for the creation of Baskets.
On any business day, an Authorized Participant may place an order with the Trustee to redeem one or more Baskets. Redemption
orders must be placed by 4:00 PM or the close of regular trading on NYSE Arca, whichever is earlier. A redemption order so received
is effective on the date it is received in satisfactory form by the Trustee.
Determination of Redemption Distribution
The redemption distribution from the Trust consists of a credit to the redeeming Authorized Participant’s Authorized Participant
Unallocated Account representing the amount of the gold held by the Trust evidenced by the Shares being redeemed plus, or minus,
the cash redemption amount. The cash redemption amount is equal to the value of all assets of the Trust other than gold less all
estimated accrued expenses and other liabilities, divided by the number of Baskets outstanding and multiplied by the number ofBaskets included in the Authorized Participant’s redemption order. The Sponsor anticipates that in the ordinary course of the Trust’s
operations there will be no cash distributions made to Authorized Participants upon redemptions. Fractions of a fine ounce of gold
included in the redemption distribution smaller than 0.001 of a fine ounce are disregarded. Redemption distributions are subject to the
deduction of any applicable tax or other governmental charges which may be due.
Delivery of Redemption Distribution
The redemption distribution due from the Trust is delivered to the Authorized Participant on the second business day following theredemption order date if, by 9:00 AM New York time on such second business day, the Trustee’s DTC account has been credited with
the Baskets to be redeemed. If the Trustee’s DTC account has not been credited with all of the Baskets to be redeemed by such time,
the redemption distribution is delivered to the extent of whole Baskets received. Any remainder of the redemption distribution isdelivered on the next business day to the extent of remaining whole Baskets received if the Trustee receives the fee applicable to theextension of the redemption distribution date which the Trustee may, from time to time, determine and the remaining Baskets to beredeemed are credited to the Trustee’s DTC account by 9:00 AM New York time on such next business day. Any further outstanding
amount of the redemption order may be cancelled. The Trustee is also authorized to deliver the redemption distribution
notwithstanding that the Baskets to be redeemed are not credited to the Trustee’s DTC account by 9:00 AM New York time on thesecond business day following the redemption order date if the Authorized Participant has collateralized its obligation to deliver the
Baskets through DTC’s book entry system on such terms as the Sponsor and the Trustee may from time to time agree upon.
The Custodian transfers the redemption gold amount from the Trust Allocated Account to the Trust Unallocated Account and,
thereafter, to the redeeming Authorized Participant’s Authorized Participant Unallocated Account. The Authorized Participant and theTrust are each at risk in respect of gold credited to their respective unallocated accounts in the event of the Custodian’s insolvency.
See “Risk Factors—Gold held in the Trust’s unallocated gold account and any Authorized Participant’s unallocated gold account will
not be segregated from the Custodian’s assets.”
Suspension or Rejection of Redemption Orders
The Trustee may, in its discretion, and will when directed by the Sponsor, suspend the right of redemption, or postpone theredemption settlement date for: (1) any period during which NYSE Arca is closed other than customary weekend or holiday closings,
or trading on NYSE Arca is suspended or restricted; (2) any period during which an emergency exists as a result of which delivery,
disposal or evaluation of gold is not reasonably practicable; or (3) such other period as the Sponsor determines to be necessary for theprotection of the Shareholders.
8The Trustee will reject a redemption order if: (1) the order is not in proper form as described in the Participant Agreement; (2) the
fulfillment of the order, in the opinion of its counsel, might be unlawful; (3) the order would have adverse tax consequences to theTrust or its Shareholders; or (4) circumstances outside the control of the Trustee, the Sponsor or the Custodian make the redemption,
for all practical purposes, not feasible to process.
None of the Sponsor, the Trustee or the Custodian will be liable to any person or in any way for any loss or damages that may result
from any such suspension, postponement or rejection.
Creation and Redemption Transaction Fee
An Authorized Participant is required to pay a transaction fee to the Trustee of $2,000 per order to create or redeem Baskets. An order
may include multiple Baskets. The transaction fee may be changed by the Trustee with the consent of the Sponsor. The Trustee shallnotify DTC of any agreement to change the transaction fee and will not implement any increase in the fee for the redemption ofBaskets until 30 days after the date of the notice. A transaction fee may not exceed 0.10% of the value of a Basket at the time thecreation and redemption order is accepted.
Tax Responsibility
Authorized Participants are responsible for any transfer tax, sales or use tax, recording tax, value added tax or similar tax orgovernmental charge applicable to the creation or redemption of Baskets, regardless of whether or not such tax or charge is imposed
directly on the Authorized Participant, and agree to indemnify the Sponsor, the Trustee and the Trust if they are required by law to pay
any such tax, together with any applicable penalties, additions to tax or interest thereon.
Trust Expenses
The Trustee sells gold as needed to pay the expenses of the Trust. As a result, the amount of gold sold will vary from time to timedepending on the level of the Trust’s expenses and the market price of gold. Cash held by the Trustee does not bear any interest. The
Trust’s estimated ordinary operating expenses are accrued daily and reflected in the NAV of the Trust.
The Trust’s only recurring fixed expense is the Sponsor’s fee which accrues daily at an annual rate equal to 0.40% of the daily NAV.
In exchange for the Sponsor’s fee, the Sponsor agreed to pay all ordinary fees and expenses of the Trust which include fees andexpenses of the Trustee, the fees and expenses of the Custodian for the custody of the Trust’s gold bars, the fees and expenses of theSponsor, certain taxes, the fees of the Marketing Agent, printing and mailing costs, legal and audit fees, registration fees, NYSE Arca
listing fees and other marketing costs and expenses. The Sponsor’s fees were $238,497,254 for the year ended September 30, 2022.
In addition, the following expenses may be accrued and paid by the Trust:•Expenses and other charges of the Custodian payable by the Trustee on behalf of the Trust under the Allocated Bullion
Account Agreement and the Unallocated Bullion Account Agreement (including (1) any relevant taxes, duties andgovernmental charges; and (2) the obligation to indemnify the Custodian) and, subject to the prior written approval of
the Sponsor, (A) other expenses and charges for the custody, deposit or delivery of gold and services related to thecustody and safekeeping of gold; and (B) expenses and charges charged by other custodians pursuant to a Custody
Agreement;•

Expenses of the Trustee for uncustomary and extraordinary out-of-pocket expenses and fees of the Trustee forextraordinary services performed under the Trust Indenture;•

Certain taxes and various other governmental charges;•

Various taxes and governmental charges and any taxes, fees and charges payable by the Trustee with respect to thecreation or redemption of Baskets;•

Any taxes or other governmental charges imposed on the Sponsor in respect of the Trust, its assets, including gold, or
the Shares;•

Expenses and costs of any action taken by the Trustee or the Sponsor to protect the Trust and the rights and interests ofShareholders;•Amounts for indemnification of the Trustee or the Sponsor as permitted under the Trust Indenture;•

Expenses incurred in contacting Shareholders exceeding an aggregate amount for any fiscal year of $500,000;•

Amounts for reimbursement in respect of certain claims described under “Risk Factors—The Trust’s obligation toreimburse the Marketing Agent and the Authorized Participants for certain liabilities;”9•The amount of any legal fees and expenses (including the costs of any litigation) of (i) the Sponsor and the Trust, (ii) the
Custodian and (iii) the Trustee in excess of an aggregate amount for any fiscal year of $500,000; and•All other expenses of the Trust not otherwise assumed by the Sponsor under the Trust Indenture.

The Sponsor
The Sponsor is a Delaware limited liability company formed on July 17, 2002. The Sponsor was responsible for establishing the Trustand for the registration of the Shares. The Sponsor generally oversees the performance of the Trustee and the Trust’s principal service
providers, but does not exercise day-to-day oversight over the Trustee or such service providers. The Sponsor regularly communicateswith the Trustee to monitor the overall performance of the Trust. The Sponsor may direct the Trustee, but only as provided in the
Trust Indenture. The Sponsor, with assistance and support from the Trustee, is responsible for preparing and filing periodic reports onbehalf of the Trust with the SEC and will provide any required certification for such reports. The Sponsor will designate theindependent registered public accounting firm of the Trust and may from time to time employ legal counsel for the Trust. To assist theSponsor in marketing the Shares, the Sponsor has entered into the Marketing Agent Agreement with the Marketing Agent and theTrust. See “The Marketing Agent” for more information about the Marketing Agent. The Sponsor maintains a public website on
behalf of the Trust (www.spdrgoldshares.com), which contains information about the Trust and the Shares.
The Sponsor will not be liable to the Trustee or any Shareholder for any action taken or for refraining from taking any action in goodfaith, or for errors in judgment or for depreciation or loss incurred by reason of the sale of any gold or other assets of the Trust.
However, the preceding liability exclusion will not protect the Sponsor against any liability resulting from its own gross negligence,
bad faith, willful misconduct or willful malfeasance in the performance of its duties or the reckless disregard of its obligations andduties to the Trust.
The Sponsor and its shareholders, members, directors, officers, employees, affiliates and subsidiaries are indemnified from the Trustand held harmless against certain losses, liabilities or expenses incurred in the performance of its duties under the Trust Indenture
without gross negligence, bad faith, willful misconduct, willful malfeasance or reckless disregard of the indemnified party’s
obligations and duties under the Trust Indenture. Such indemnity includes payment from the Trust of the costs and expenses incurredin defending against any claim or liability under the Trust Indenture. Under the Trust Indenture, the Sponsor may be able to seek
indemnification from the Trust for payments it makes in connection with the Sponsor’s activities under the Trust Indenture to theextent its conduct does not disqualify it from receiving such indemnification under the terms of the Trust Indenture. The Sponsor will
also be indemnified from the Trust and held harmless against any loss, liability or expense arising under the Marketing Agent
Agreement or any Participant Agreement insofar as such loss, liability or expense arises from any untrue statement or alleged untrue
statement of a material fact contained in any written statement provided to the Sponsor by the Trustee. Any amounts payable to theSponsor are secured by a lien on the Trust.
The Trustee
BNYM, a banking corporation organized under the laws of the State of New York with trust powers, serves as the Trustee. BNYM hasa trust office at 2 Hanson Place, Brooklyn, New York 11217. BNYM is subject to supervision by the New York State Department of
Financial Services and the Board of Governors of the Federal Reserve System. Under the Trust Indenture, the Trustee is required tomaintain an aggregate capital, surplus and undivided profits of not less than $500 million.
The Trustee is generally responsible for the day-to-day administration of the Trust, including keeping the Trust’s operational records.
The Trustee’s principal responsibilities include: (1) selling the Trust’s gold as needed to pay the Trust’s expenses (gold sales occur
monthly in the ordinary course); (2) calculating the NAV of the Trust and the NAV per Share; (3) receiving and processing orders
from Authorized Participants to create and redeem Baskets and coordinating the processing of such orders with the Custodian and
DTC; and (4) monitoring the Custodian. If the Trustee determines that maintaining gold with the Custodian is not in the best interestof the Trust, the Trustee must so advise the Sponsor, who may direct the Trustee to take certain actions in respect of the Custodian. In
the absence of such instructions, the Trustee may initiate action to remove the gold from the Custodian. The ability of the Trustee tomonitor the performance of the Custodian may be limited because under the Custody Agreements the Trustee may, only up to twice ayear, visit the premises of the Custodian for the purpose of examining the Trust’s gold and certain related records maintained by the
Custodian. Inspectorate International Limited (“Inspectorate”) conducts two counts each year of the gold bullion stock held on behalfof the Trust at the vaults of the Custodian. A complete bar count is conducted once per year and coincides with the Trust’s financial
year end at September 30th. On October 3, 2022, Inspectorate concluded the annual full count of the Trust’s gold bullion held by the
Custodian. The second count is a random sample count and is conducted at a date which falls within the same financial year and was
conducted most recently on April 29, 2022. The Trustee has no right to visit the premises of any subcustodian for the purposes of
examining the Trust’s gold or any records maintained by the subcustodian, and no subcustodian is obligated to cooperate in any
review the Trustee may wish to conduct of the facilities, procedures, records or creditworthiness of such subcustodian. The Trustee
regularly communicates with the Sponsor to monitor the overall performance of the Trust. The Trustee, along with the Sponsor, liaises
10with the Trust’s legal, accounting and other professional service providers as needed. The Trustee assists and supports the Sponsor
with the preparation of all periodic reports required to be filed with the SEC on behalf of the Trust.
Affiliates of the Trustee may from time to time act as Authorized Participants or purchase or sell gold or Shares for their own account,as agent for their customers and for accounts over which they exercise investment discretion.
The Marketing Agent
SSGA, a wholly-owned subsidiary of State Street Corporation, acts as the Marketing Agent. The Marketing Agent is a registeredbroker-dealer with the SEC and is a member of FINRA. The Marketing Agent’s principal place of business is located at One Iron
Street, Boston, Massachusetts 02210.
The Marketing Agent’s Role and the Marketing Agent Agreement
The Marketing Agent assists the Sponsor in: (1) developing a marketing plan for the Trust on an ongoing basis; (2) preparing
marketing materials regarding the Shares, including the content of the Trust’s website; (3) executing the marketing plan for the Trust;(4) incorporating gold into its strategic and tactical exchange-traded fund research; (5) sublicensing the “SPDR®” trademark; and(6) assisting with certain shareholder services, such as a call center and prospectus fulfillment.
The Marketing Agent and its affiliates may from time to time become Authorized Participants or purchase or sell gold or Shares fortheir own account, as agent for their customers and for accounts over which they exercise investment discretion.
The Sponsor and the Marketing Agent entered into an Amended and Restated Marketing Agent Agreement effective July 17, 2015
(the “Marketing Agent Agreement”) which contains customary representations, warranties and covenants. In addition, the Sponsor has
agreed to indemnify the Marketing Agent from and against certain liabilities, including liabilities under the Securities Act and tocontribute to payments that the Marketing Agent may be required to make in respect thereof. The Trustee has agreed to reimburse theMarketing Agent, solely from and to the extent of the Trust’s assets, for indemnification and contribution amounts due from theSponsor in respect of such liabilities to the extent the Sponsor has not paid such amounts when due.
The Marketing Agent Agreement expires on July 17, 2024 and thereafter automatically renews for successive two-year periods unlessterminated in accordance with that agreement by either party twelve months prior to the end of the then-current term. If the Sponsor orMarketing Agent terminates that agreement for certain reasons specified in it, the Sponsor is required to pay the Marketing Agent thepresent market value of the future payments the Marketing Agent would otherwise receive under that agreement over the subsequent
five-year period.
License Agreement with the Marketing Agent
The Sponsor and the World Gold Council (the “WGC”) entered into a license agreement, dated as of November 16, 2004, with theMarketing Agent. Under the license agreement, the Sponsor and the WGC granted the Marketing Agent a royalty-free, worldwide,
non-exclusive, non-transferable: (1) sublicense under the license agreement among the Sponsor, the WGC and BNYM, to BNYM’s
patents and patent applications that cover securitized gold products in connection with the Marketing Agent’s performance of its
services under the Marketing Agent Agreement; and (2) a license to the Sponsor’s and the WGC’s patents, patent applications andintellectual property and trade name and trademark rights in connection with the Marketing Agent’s performance of its services under
the Marketing Agent Agreement and for the purpose of establishing, operating and marketing financial products involving thesecuritization of gold.
The license agreement will expire upon the expiration or termination of the Marketing Agent Agreement. Either party may terminate
the license agreement prior to such term if the other party materially breaches the license agreement and fails to cure such breach
within 30 days following written notice of such breach from the non-breaching party. The license agreement contains customary
representations, warranties and covenants. In addition, the Sponsor, the WGC and the Marketing Agent have agreed to indemnify eachother for breaches of their respective representations and warranties and the Sponsor and the WGC have agreed to indemnify theMarketing Agent for violations of the intellectual property rights of others as a result of the Marketing Agent’s use of the licensed
intellectual property.
SPDR Sublicense Agreement“SPDR” is a trademark of SPDJI and has been licensed for use by the SPDR® Gold Trust pursuant to a SPDR Sublicense Agreement,
dated May 20, 2008, between the Sponsor, the WGC, the Marketing Agent and State Street Corporation, pursuant to which theMarketing Agent and State Street Corporation granted the Sponsor and the WGC a royalty-free, worldwide, non-exclusive, nontransferable sublicense to use the “SPDR®” trademark (in accordance with the SPDR Trademark License Agreement dated as ofNovember 29, 2006, as amended, between State Street Global Advisors, a division of State Street Bank and Trust Company, and11S&P), for the purpose of establishing and operating the Trust, issuing and distributing the Shares, using “SPDR” as part of the name of
the Shares and listing the Shares on exchanges.
The sublicense agreement will expire upon the expiration or termination of the earlier of (i) the Marketing Agent Agreement or (ii) the
SPDR® Trademark License Agreement. Either party may terminate the sublicense agreement prior to such term if the other party
materially breaches the license agreement and fails to cure such breach within 30 days following written notice of such breach fromthe non-breaching party. The sublicense agreement contains customary representations, warranties and covenants. In addition, theSponsor, the WGC, the Marketing Agent and State Street Corporation have agreed to indemnify each other for breaches of theirrespective representations, warranties and covenants.
The Custodian
The Custodian is HSBC. HSBC’s London custodian office is located at 8 Canada Square, London, E14 5HQ, United Kingdom.
HSBC’s London custodian operations are subject to supervision by the FCA. HSBC is authorized by the Prudential Regulation
Authority and regulated by the Prudential Regulation Authority and the FCA in the U.K.
The global parent company of HSBC is HSBC Holdings plc, or HSBC Group, a public limited company incorporated in England.
HSBC Group had $158 billion in regulatory capital resources according to HSBC Holdings plc’s Interim Report as of June 30, 2022.
The Custodian is responsible for safekeeping of the Trust gold deposited with it by Authorized Participants in connection with thecreation of Baskets. The Custodian facilitates the transfer of gold in and out of the Trust through the unallocated gold accounts it
maintains for each Authorized Participant and the unallocated and allocated gold accounts it maintains for the Trust. The Custodian is
responsible for allocating specific bars of gold bullion to the Trust Allocated Account. The Custodian provides the Trustee withregular reports detailing the gold transfers in and out of the Trust Unallocated Account and the Trust Allocated Account andidentifying the gold bars held in the Trust Allocated Account.
The Custodian and its affiliates may from time to time act as Authorized Participants or purchase or sell gold or Shares for their own
account, as agent for their customers and for accounts over which they exercise investment discretion.
Custody of the Trust’s Gold
Custody of the gold bullion deposited with and held by the Trust is provided by the Custodian at its London, England vaults. The
Custodian holds all of the Trust’s gold in its own vault premises except when the gold has been allocated in the vault of a
subcustodian, and in such cases the Custodian has agreed that it will use commercially reasonable efforts to promptly transport thegold from the subcustodian’s vault to the Custodian’s vault, at the Custodian’s cost and risk. The Custodian is a market maker, clearer
and approved weigher under the rules of the LBMA.
The Custodian, as instructed by the Trustee, is authorized to accept, on behalf of the Trust, deposits of gold in unallocated form.
Acting on standing instructions given by the Trustee, the Custodian allocates gold deposited in unallocated form with the Trust by
selecting bars of gold bullion for deposit to the Trust Allocated Account from unallocated bars which the Custodian holds or by
instructing a subcustodian to allocate bars from unallocated bars held by the subcustodian. All gold bullion allocated to the Trust must
conform to the rules, regulations, practices and customs of the LBMA and the Custodian must replace any non-conforming goldbullion with conforming bullion as soon as practical.
The Trustee and the Custodian have entered into the Custody Agreements which establish the Trust Unallocated Account and theTrust Allocated Account. The Trust Unallocated Account is used to facilitate the transfer of gold deposits and gold redemption
distributions between Authorized Participants and the Trust in connection with the creation and redemption of Baskets and the sales ofgold made by the Trustee for the Trust. Except when gold is transferred in and out of the Trust, all gold deposited with the Trust isheld in the Trust Allocated Account.
The Custodian is authorized to appoint from time to time one or more subcustodians to hold the Trust’s gold until it can be transported
to the Custodian’s vault. The subcustodians that the Custodian may utilize are the Bank of England, The Bank of Nova ScotiaScotiaMocatta, ICBC Standard Bank Plc, JPMorgan Chase Bank and UBS AG. A current list of all gold held by the Custodian,
including any held with a subcustodian is available on the Sponsor’s website at www.spdrgoldshares.com.

12In accordance with LBMA practices and customs, the Custodian does not have written custody agreements with the subcustodians it
selects. The Custodian’s selected subcustodians may appoint further subcustodians. These further subcustodians are not expected tohave written custody agreements with the Custodian’s subcustodians that selected them. The lack of such written contracts could
affect the recourse of the Trust and the Custodian against any subcustodian in the event a subcustodian does not use due care in thesafekeeping of the Trust’s gold. See “Risk Factors—The ability of the Trustee and the Custodian to take legal action against
subcustodians may be limited.”
The Custodian is required to use reasonable care in selecting subcustodians, but otherwise has limited responsibility in relation to thesubcustodians appointed by it. The Custodian is obliged under the Allocated Bullion Account Agreement to use commerciallyreasonable efforts to obtain delivery of gold from those subcustodians appointed by it. However, the Custodian may not have the rightto, and does not have the obligation to, seek recovery of the gold from any subcustodian appointed by a subcustodian. Otherwise, theCustodian does not undertake to monitor the performance by subcustodians of their custody functions or their selection of additional
subcustodians and is not responsible for the actions or inactions of subcustodians. Since August 13, 2020, the Custodian has not
utilized any subcustodians on behalf of the Trust.
Under the customs and practices of the London bullion market, allocated gold is held by custodians and, on their behalf, by
subcustodians under arrangements that permit each entity for which gold is being held: (1) to request from the entity’s custodian (anda custodian or subcustodian to request from its subcustodian) a list identifying each gold bar being held and the identity of theparticular custodian or subcustodian holding the gold bar and (2) to request the entity’s custodian to release the entity’s gold within
two business days following demand for release. Each custodian or subcustodian is obligated under the customs and practices of the
London bullion market to provide the bar list and the identification of custodians and subcustodians referred to in (1) above, and eachcustodian is obligated to release gold as requested. Under English law, unless otherwise provided in any applicable custodyagreement, a custodian generally is liable to its customer for failing to take reasonable care of the customer’s gold and for failing torelease the customer’s gold upon demand. The Custodian will not be liable for the acts or omissions, or for the solvency, of any
subcustodian that it selects unless the selection of that subcustodian was made negligently or in bad faith.
The Custodian and the Trustee do not require any direct or indirect subcustodians to be insured or bonded with respect to theircustodial activities. The Custodian maintains insurance with regard to its business on such terms and conditions as it considers
appropriate. The Trustee and the Sponsor (so long as the Sponsor is WGTS) may, subject to confidentiality restrictions, review thisinsurance coverage. The Trust will not be a beneficiary of any such insurance and does not have the ability to dictate the existence,nature or amount of the coverage. Therefore, Shareholders cannot be assured that the Custodian maintains adequate insurance or any
insurance with respect to the gold held by the Custodian on behalf of the Trust.
Description of the Custody Agreements
The Allocated Bullion Account Agreement and the Unallocated Bullion Account Agreement between the Trustee and the Custodian
establish the Trust Allocated Account and the Trust Unallocated Account, respectively. These agreements, as amended, restated,
supplemented or otherwise modified from time to time, are sometimes referred to together as the “Custody Agreements” in this report.
The following is a description of the material terms of the Custody Agreements. As the Custody Agreements are similar in form, they
are discussed together, with material distinctions between the agreements noted.
Reports
The Custodian provides the Trustee with reports for each business day, identifying the movements of gold in and out of theTrust Allocated Account and the credits and debits of gold to the Trust Unallocated Account. The Custodian also provides the Trusteewith monthly statements of account for the Trust Allocated Account and the Trust Unallocated Account as of the last business day ofeach month. The monthly statements contain sufficient information to identify each bar of gold held in the Trust Allocated Accountand, if the bar is being held temporarily by a subcustodian, the identity of the subcustodian having custody.
Transfers into the Trust Unallocated Account
The Custodian credits to the Trust Unallocated Account the amount of gold it receives from the Trust Allocated Account, an
Authorized Participant Unallocated Account or from other third-party unallocated accounts for credit to the Trust UnallocatedAccount. Unless otherwise agreed by the Custodian in writing, the only gold the Custodian will accept in physical form for credit to
the Trust Unallocated Account is gold the Trustee has transferred from the Trust Allocated Account. No interest will be paid by the
Custodian on any credit balance to the Trust Unallocated Account.
Transfers from the Trust Unallocated Account
The Custodian transfers gold from the Trust Unallocated Account only in accordance with the Trustee’s instructions to the Custodian.
A transfer of gold from the Trust Unallocated Account may only be made, (1) by transferring gold to a third party unallocated13account; (2) by transferring gold to the Trust Allocated Account; or (3) by either (A) making gold available for collection at theCustodian’s vault premises or at such other location as the Custodian may specify; or (B), if separately agreed, delivering the gold tosuch location as the Custodian and the Trustee agree at the Trust’s expense and risk. Any gold made available will be in a physicalform which complies with the rules, regulations, practices and customs of the LBMA, the Bank of England or any applicableregulatory body, or Custody Rules, or in such other form as may be agreed between the Trustee and the Custodian, and in all cases
will comprise one or more whole gold bars selected by the Custodian.
The Custody Agreements provide for, among other things, the full allocation of all gold credited to the Trust Unallocated Account at
the end of each business day. The Sponsor established an overdraft facility with the Custodian under which the Custodian will makeavailable to the Trust Unallocated Account up to 430 fine ounces of gold in order to allow the Custodian to fully allocate all gold
credited to the Trust Unallocated Account to the Trust Allocated Account at the end of each business day.
Transfers into the Trust Allocated Account
The Custodian receives transfers of gold into the Trust Allocated Account only at the Trustee’s instructions by debiting gold from theTrust Unallocated Account and crediting such gold to the Trust Allocated Account.
Transfers from the Trust Allocated Account
The Custodian transfers gold from the Trust Allocated Account only in accordance with the Trustee’s instructions. Generally, theCustodian transfers gold from the Trust Allocated Account only by debiting gold from the Trust Allocated Account and crediting thegold to the Trust Unallocated Account.
Withdrawals of Gold Directly from the Trust Allocated AccountUpon the Trustee’s instruction, the Custodian debits gold from the Trust Allocated Account and makes the gold available forcollection by the Trustee or, if separately agreed, for delivery by the Custodian in accordance with its usual practices at the Trust’s
expense and risk. The Trustee and the Custodian expect that the Trustee will withdraw gold physically from the Trust AllocatedAccount (rather than by crediting it to the Trust Unallocated Account and instructing a further transfer from that account) only in
exceptional circumstances, such as if, for some unforeseen reason, it was not possible to transfer gold in unallocated form. The
Custodian is not obliged to effect any requested delivery if, in its reasonable opinion, (1) this would cause the Custodian or its agentsto be in breach of the Custody Rules or other applicable law, court order or regulation; (2) the costs incurred would be excessive; or(3) delivery is impracticable for any reason. When gold is physically withdrawn from the Trust Allocated Account pursuant to theTrustee’s instruction, all right, title, risk and interest in and to the gold withdrawn shall pass to the person to whom or to or for whose
account such gold is transferred, delivered or collected at the time the recipient or its agent acknowledges in writing its receipt of gold.
Unless the Trustee specifies the bars of gold to be debited from the Trust Allocated Account, the Custodian is entitled to select thegold bars.
Exclusion of Liability
The Custodian will use reasonable care in the performance of its duties under the Custody Agreements and is only responsible for any
loss or damage suffered by the Trust as a direct result of any negligence, fraud or willful default in the performance of its duties. The
Custodian’s liability under the Allocated Bullion Account Agreement is further limited to the market value of the gold held in the
Trust Allocated Account at the time such negligence, fraud or willful default is discovered by the Custodian, provided that theCustodian promptly notifies the Trustee of its discovery. The Custodian’s liability under the Unallocated Bullion Account Agreement
is further limited to the amount of the gold credited to the Trust Unallocated Account at the time such negligence, fraud or willful
default is discovered by the Custodian, provided that the Custodian promptly notifies the Trustee of its discovery.
Furthermore, the Custodian has no duty to make or take or to require any subcustodian selected by it to make or take any special
arrangements or precautions beyond those required by the Custody Rules or as specifically set forth in the Custody Agreements.
In the event of a loss caused by the failure of the Custodian or a subcustodian to exercise reasonable care, the Trustee, on behalf of theTrust, has the right to seek recovery from the Custodian or subcustodian in breach. The Custodian is not liable for any delay inperformance or any non-performance of any of its obligations under the Custody Agreements by reason of any cause beyond its
reasonable control, including, acts of God, war or terrorism.
Indemnity
Solely out of the Trust’s assets, the Trust will indemnify the Custodian and each of its officers, directors, employees and affiliates on
demand against all costs and expenses, damages, liabilities and losses which the Custodian or any such officer, director, employee oraffiliate may suffer or incur in connection with the Custody Agreements, except to the extent that such sums are due directly to theCustodian’s negligence, willful default or fraud.
14

Termination
The Trustee and the Custodian may each terminate any Custody Agreement upon 90 business days’ prior notice. The Custody
Agreements will also terminate 90 business days after the resignation or removal of the Trustee except as otherwise provided in the
Custody Agreements. If either the Allocated Bullion Account Agreement or the Unallocated Bullion Account Agreement isterminated, the other agreement automatically terminates.
Governing Law
The Custody Agreements are governed by English law. The Trustee and the Custodian both consent to the non-exclusive jurisdictionof the courts of the State of New York and the federal courts located in the borough of Manhattan in New York City. Such consent is
not required for any person to assert a claim of New York jurisdiction over the Trustee or the Custodian.
Description of the Shares
GeneralThe Trustee is authorized under the Trust Indenture to create and issue an unlimited number of Shares. The Shares represent units offractional undivided beneficial interest in and ownership of the Trust and have no par value. Any creation and issuance of Shares
above the amount registered on the registration statement of which this report is a part will require the registration of such additional
Shares.
Description of Limited Rights
The Shares do not represent a traditional investment and Shareholders should not view them as similar to “shares” of a corporation
operating a business enterprise with management and a board of directors. As a Shareholder, you do not have the statutory rights
normally associated with the ownership of shares of a corporation, including, for example, the right to bring “oppression” or“derivative” actions. All Shares are of the same class with equal rights and privileges. Each Share is transferable, is fully paid andnon-assessable and entitles the holder to vote on the limited matters upon which Shareholders may vote under the Trust Indenture. The
Shares do not entitle their holders to any conversion or pre-emptive rights, or, except as provided below, any redemption rights orrights to distributions.
Distributions
The Trust Indenture provides for distributions to Shareholders in only two circumstances. First, if the Trustee and the Sponsor
determine that the Trust’s cash account balance exceeds the anticipated expenses of the Trust for the next 12 months and the excess
amount is more than $0.01 per Share outstanding, they shall direct the excess amount to be distributed to the Shareholders. Second, if
the Trust is terminated and liquidated, the Trustee will distribute to the Shareholders any amounts remaining after the satisfaction of
all outstanding liabilities of the Trust and the establishment of such reserves for applicable taxes, other governmental charges andcontingent or future liabilities as the Trustee shall determine. Shareholders of record on the record date fixed by the Trustee for a
distribution will be entitled to receive their pro rata portion of any distribution.
Voting and Approvals
Under the Trust Indenture, Shareholders have no voting rights, except in limited circumstances. Shareholders holding at least 66 2/3%of the Shares outstanding may vote to remove the Trustee. The Trustee may terminate the Trust upon the agreement of Shareholders
owning at least 66 2/3% of the outstanding Shares. In addition, certain amendments to the Trust Indenture require 51% or unanimous
consent of the Shareholders.
Book-Entry Form
Individual certificates will not be issued for the Shares. Instead, global certificates are deposited by the Trustee with DTC andregistered in the name of Cede & Co., as nominee for DTC. The global certificates evidence all of the Shares outstanding at any time.
Under the Trust Indenture, Shareholders are limited to: (1) DTC Participants; (2) those who maintain, either directly or indirectly, acustodial relationship with a DTC Participant, or Indirect Participants; and (3) those banks, brokers, dealers, trust companies andothers who hold interests in the Shares through DTC Participants or Indirect Participants. The Shares are only transferable through the
book-entry system of DTC. Shareholders who are not DTC Participants may transfer their Shares through DTC by instructing the
DTC Participant holding their Shares (or by instructing the Indirect Participant or other entity through which their Shares are held) totransfer the Shares. Transfers are made in accordance with standard securities industry practice.
United States Federal Tax Consequences
The following discussion of the material U.S. federal income tax consequences that generally apply to the purchase, ownership anddisposition of Shares and gold held by the Trust by a U.S. Shareholder (as defined below), and certain U.S. federal gift and estate tax
15

consequences that generally apply to an investment in Shares by a Non-U.S. Shareholder (as defined below), represents, insofar as it
describes conclusions as to U.S. federal tax law and subject to the limitations and qualifications described therein, the opinion of
Carter Ledyard & Milburn LLP, special U.S. federal tax counsel to the Sponsor. The discussion below is based on the U.S. Internal
Revenue Code of 1986, as amended, (the “Code”), Treasury Regulations promulgated under the Code and judicial and administrativeinterpretations of the Code, all as in effect on the date of this annual report and all of which are subject to changes either prospectively
or retroactively. The tax treatment of Shareholders may vary depending upon their own particular circumstances. Certain Shareholders(including broker-dealers, traders or other investors with special circumstances) may be subject to special rules not discussed herein.
In addition, the following discussion applies only to investors who hold Shares as “capital assets” within the meaning of Code section
1221. Moreover, the discussion herein does not address the effect of any state, local or foreign tax law on the disposition of Shares.
Purchasers of Shares are urged to consult their own tax advisors with respect to all U.S. federal, state, local and foreign tax law
considerations potentially applicable to their investment in Shares.
For purposes of this discussion, a “U.S. Shareholder” is a Shareholder that is:•

An individual who is a U.S. citizen or resident of the United States for U.S. federal income tax purposes;•

An entity treated as a corporation for U.S. federal income tax purposes that is created or organized in or under the lawsof the United States or any political subdivision thereof;•

An estate, the income of which is includible in gross income for U.S. federal income tax purposes regardless of its
source; or•A trust, if (1) a court within the United States is able to exercise primary supervision over the administration of the trustand one or more U.S. persons have the authority to control all substantial decisions of the trust; or (2) the trust has avalid election in effect under applicable U.S. Treasury regulations to be treated as a U.S. person.

A Shareholder (other than a partnership or other entity subject to tax as a partnership) that is not a U.S. Shareholder as defined aboveis generally considered a “Non-U.S. Shareholder” for purposes of this discussion. For U.S. federal income tax purposes, the treatmentof any beneficial owner of an interest in a partnership, including any entity treated as a partnership for U.S. federal income tax
purposes, will generally depend upon the status of the partner and upon the activities of the partnership. Partnerships and partners inpartnerships should consult their tax advisors about the U.S. federal income tax consequences of purchasing, owning and disposing of
Shares.
Taxation of The Trust
The Trust is treated as a “grantor trust” for U.S. federal income tax purposes. As a result, the Trust itself is not subject to U.S. federal
income tax. Instead, the Trust’s income and expenses “flow through” to the Shareholders, and the Trustee will report the Trust’s
income, gains, losses and deductions to the Internal Revenue Service (the “IRS”) on that basis.
Taxation of U.S. Shareholders
U.S. Shareholders generally will be treated, for U.S. federal income tax purposes, as if they directly owned a pro rata share of the gold
held by the Trust. U.S. Shareholders also will be treated as if they directly derived their respective pro rata shares of the Trust’s
income, if any, and as if they directly incurred their respective pro rata shares of the Trust’s expenses. In the case of a U.S.
Shareholder that purchases Shares for cash, its initial tax basis in its pro rata share of the gold held in the Trust at the time it acquires
its Shares will be equal to its cost of acquiring the Shares. In the case of a U.S. Shareholder that acquires its Shares by delivering gold
to the Trust, the delivery of gold to the Trust in exchange for the underlying gold represented by the Shares will not be a taxable eventto the U.S. Shareholder, and the U.S. Shareholder’s tax basis and holding period for the U.S. Shareholder’s pro rata share of the gold
held in the Trust will be the same as its tax basis and holding period for the gold delivered by the U.S. Shareholder in exchange
therefor. For purposes of this discussion, it is assumed that all of a U.S. Shareholder’s Shares are acquired on the same date, at thesame price per Share and, except where otherwise noted, that the sole asset of the Trust is gold.
When the Trust sells gold, for example to pay expenses, a U.S. Shareholder generally will recognize gain or loss in an amount equal tothe difference between (1) the U.S. Shareholder’s pro rata share of the amount realized by the Trust upon the sale; and (2) the U.S.
Shareholder’s tax basis for its pro rata share of the gold that was sold, which gain or loss will generally be long-term or short-term
capital gain or loss, depending upon whether the U.S. Shareholder has held its Shares for more than one year (see discussion below on
the applicable tax rates with respect to such capital gain or loss). A U.S. Shareholder’s tax basis for its share of any gold sold by theTrust generally will be determined by multiplying the U.S. Shareholder’s total basis for its share of all of the gold held in the Trust
immediately prior to the sale, by a fraction the numerator of which is the amount of gold sold and the denominator of which is the total
amount of the gold held in the Trust immediately prior to the sale. Immediately after any such sale, a U.S. Shareholder’s tax basis for
its pro rata share of the gold remaining in the Trust will equal its tax basis for its share of the total amount of the gold held in the Trust
immediately prior to the sale, less the portion of such basis allocable to its share of the gold that was sold.
16

Upon a U.S. Shareholder’s sale of some or all of its Shares, the U.S. Shareholder will be treated as having sold the portion of its pro
rata share of the gold held in the Trust at the time of the sale that is attributable to the Shares sold. Accordingly, the U.S. Shareholder
generally will recognize gain or loss on the sale of the Shares in an amount equal to the difference between (1) the amount realized
pursuant to the sale of the Shares; and (2) the U.S. Shareholder’s tax basis for the portion of its pro rata share of the gold held in the
Trust at the time of sale that is attributable to the Shares sold, determined by multiplying the U.S. Shareholder’s tax basis for its pro
rata share of the gold held in the Trust immediately prior to the sale by a fraction, the numerator of which is the number of Shares soldand the denominator of which is the number of Shares held by the U.S. Shareholder immediately prior to the sale.
A redemption of some or all of a U.S. Shareholder’s Shares in exchange for the underlying gold represented by the Shares redeemed
generally will not be a taxable event to the U.S. Shareholder. The U.S. Shareholder’s tax basis for the gold received in the redemption
generally will be the same as the U.S. Shareholder’s tax basis for the portion of its pro rata share of the gold held in the Trust
immediately prior to the redemption that is attributable to the Shares redeemed. This is determined by multiplying the U.S.
Shareholder’s tax basis for its pro rata share of the gold held in the Trust immediately prior to the redemption by a fraction, thenumerator of which is the number of Shares redeemed and the denominator of which is the number of Shares held by the U.S.
Shareholder immediately prior to the redemption. The U.S. Shareholder’s holding period with respect to the gold received should
include the period during which the U.S. Shareholder held the Shares redeemed. A subsequent sale of the gold received by the U.S.
Shareholder will be a taxable event.
Immediately after any sale or redemption of less than all of a U.S. Shareholder’s Shares, the U.S. Shareholder’s tax basis for its pro
rata share of the gold held in the Trust immediately after such sale or redemption generally will equal its tax basis for its share of thetotal amount of the gold held in the Trust immediately prior to the sale or redemption, reduced by the portion of such basis that is
attributable to the Shares sold or redeemed, as addressed above.
As noted above, the foregoing discussion assumes that all of a U.S. Shareholder’s Shares were acquired on the same date and at thesame price per Share. If a U.S. Shareholder owns multiple lots of Shares (i.e., Shares acquired on different dates and/or at different
prices), it is uncertain whether the U.S. Shareholder may use the “specific identification” rules that apply under Treasury regulations
section 1.1012-1(c) with respect to sales of shares of stock, in determining the amount, and the long-term or short-term character, of
any gain or loss recognized by the U.S. Shareholder upon the sale of gold by the Trust, upon the sale of any Shares by the U.S.
Shareholder, or upon the sale by the U.S. Shareholder of any gold received by it upon the redemption of any of its Shares. The IRS
could take the position that a U.S. Shareholder has a blended tax basis and holding period for its pro rata share of the underlying goldin the Trust. However, there is no Code section, Regulation or other guidance on this point. U.S. Shareholders that hold multiple lotsof Shares, or that are contemplating acquiring multiple lots of Shares, should consult their own tax advisors as to the determination of
the tax basis and holding period for the underlying gold related to such Shares.
Maximum 28% Long-Term Capital Gains Tax Rate for U.S. Shareholders Who are Individuals
Under current law, gains recognized by individuals from the sale of “collectibles,” including gold bullion, held for more than one year
are taxed at a maximum rate of 28%, rather than the 20% rate applicable to most other long-term capital gains. However, if an
individual U.S. Shareholder is otherwise subject to a rate lower than 28%, if the gain was ordinary income due to being in a lower
bracket, the 28% rate does not apply and such lower rate will apply. For these purposes, a gain recognized by an individual upon thesale of an interest (such as the Shares) in a trust that holds collectibles is treated as gain recognized on the sale of collectibles, to theextent that such gain is attributable to unrealized appreciation in the value of the collectibles held by the trust. Therefore, any gain
recognized by an individual U.S. Shareholder attributable to a sale of Shares held for more than one year, or attributable to the Trust’s
sale of any gold bullion that the individual U.S. Shareholder is treated (through its ownership of Shares) as having held for more than
one year, generally will be taxed at a maximum rate of 28%. The tax rates for capital gains recognized upon the sale of assets held byan individual U.S. Shareholder for one year or less are generally the same as those at which ordinary income is taxed. The
deductibility of capital losses by an individual U.S. Shareholder is subject to limitations.
3.8% Tax on Net Investment Income
Under current law, U.S. Shareholders that are individuals, estates or trusts, whose income exceeds certain thresholds, are subject to a
3.8% Medicare contribution tax on their “net investment income,” which generally includes capital gains from the disposition ofproperty. This tax is in addition to any capital gains taxes due on such investment income (discussed above).
Brokerage Fees and Trust Expenses
Any brokerage or other transaction fee incurred by a U.S. Shareholder in connection with purchasing Shares will be treated as part of
the U.S. Shareholder’s tax basis in the underlying assets of the Trust. Similarly, any brokerage fee incurred by a U.S. Shareholder inselling Shares will reduce the amount realized by the U.S. Shareholder with respect to the sale.

17

U.S. Shareholders will be required to recognize gain or loss upon a sale of gold by the Trust (as discussed above), even though someor all of the proceeds of such sale are used by the Trustee to pay Trust expenses. U.S. Shareholders may deduct their respective pro
rata shares of each expense incurred by the Trust to the same extent as if they directly incurred such expense. U.S. Shareholders thatare individuals, estates or trusts, however, may be required to treat some or all of the expenses of the Trust as miscellaneous itemized
deductions. An individual U.S. Shareholder may not deduct miscellaneous itemized deductions for tax years beginning after
December 31, 2017 and before January 1, 2026. For tax years beginning after December 31, 2025, an individual U.S. Shareholder may
deduct certain miscellaneous itemized deductions only to the extent they exceed 2% of adjusted gross income. In addition, suchdeductions may be subject to phase-outs and other limitations under applicable provisions of the Code and regulations thereunder and,if the U.S. Shareholder is an individual subject to the alternative minimum tax, may not be deductible at all.
Investment by Tax-Exempt U.S. Shareholders
Tax-exempt U.S. Shareholders are generally subject to U.S. federal income tax only on their unrelated business taxable income(“UBTI”). In addition, a tax-exempt U.S. Shareholder that is a private foundation is also subject to certain U.S. federal excise taxes,
including a 2% (or 1%) excise tax under Section 4940 of the Code on its “net investment income,” which would include any gain
recognized on the sale of any of its Shares or its share of any gain recognized on the Trust’s sale of gold, provided such gain did notconstitute UBTI. Unless a tax-exempt U.S. Shareholder incurs debt in order to purchase Shares, it is expected that tax-exempt U.S.
Shareholders should not realize UBTI in respect of income or gains from the Shares. Tax-exempt U.S. Shareholders should consult
their own tax advisors about the U.S. federal income and excise tax consequences of purchasing, owning and disposing of Shares inlight of their particular circumstances.
Investment by Regulated Investment Companies
Mutual funds and other investment vehicles that are “regulated investment companies” within the meaning of Code Section 851
should consult with their own tax advisors concerning (1) the likelihood that an investment in Shares, although the Shares are“securities” within the meaning of the Investment Company Act of 1940, may be considered an investment in the underlying gold for
purposes of Code section 851(b), and (2) the extent to which an investment in Shares might nevertheless be consistent withpreservation of their qualification under Code Section 851.
Investment by Certain Retirement Plans
Code Section 408(m) provides that the acquisition of a “collectible”—which is defined to include “any metal or gem” and “any stampor coin” that is not a gold coin described in paragraph (7), (8), (9) , or (10) of section 5112(a) of title 31, United States Code (suchgold coin, a “Non-Collectible Gold Coin”), nor gold bullion of a fineness equal to or exceeding the minimum fineness that a contract
market (as described in section 5 of the Commodity Exchange Act, 7 U.S.C. 7) requires for metals that may be delivered insatisfaction of a regulated futures contract if such bullion is in the physical possession of a trustee under Code Section 408(a) (suchgold bullion, “Non-Collectible Gold Bullion”)—by an individual retirement account, or IRA, or a participant-directed accountmaintained under any plan that is tax-qualified under Code Section 401(a), is treated as an immediate taxable distribution from theaccount to the owner of the IRA, or to the participant for whom the plan account is maintained, of an amount equal to the cost to theaccount of acquiring the collectible.
The Sponsor has received a private letter ruling from the IRS concluding that a purchase of Shares by an IRA, or by a participantdirected account under a Code Section 401(a) plan (a “plan account”), will not be treated as the acquisition of a collectible by the IRA
or plan, and will not result in a taxable distribution to the IRA owner or plan participant under Code Section 408(m). However, if
Shares are distributed by the trustee or custodian of an IRA or plan account to the IRA owner or participant, or if a redemption of any
Shares held by an IRA or plan account results in the distribution of gold to the IRA or account (or such redemption is treated as
distributed under Section 408), other than Non-Collectible Gold Coins or Non-Collectible Gold Bullion, such distribution would betaxable to the distributee in the year of distribution to the extent provided under the applicable provisions of Code Sections 408(d),408(m) or 402. See also “ERISA and Related Considerations.”
U.S. Information Reporting and Backup Withholding for U.S. and Non-U.S. Shareholders
The Trustee will file certain information returns with the IRS, and provide certain tax-related information to Shareholders, inconnection with the Trust. Each Shareholder will be provided with information regarding its allocable portion of the Trust’s annual
income and gains (if any) and expenses.
A U.S. Shareholder may be subject to U.S. backup withholding tax in certain circumstances unless it provides its taxpayer
identification number (“TIN”) and complies with certain certification procedures. Non-U.S. Shareholders may have to comply withcertification procedures to establish that they are not U.S. persons in order to avoid the information reporting and backup withholding
tax requirements.

18

The amount of any backup withholding will be allowed as a credit against a Shareholder’s U.S. federal income tax liability and may
entitle such a Shareholder to a refund, provided that the required information is furnished to the IRS.
Income Taxation of Non-U.S. Shareholders
The Trust does not expect to generate taxable income except for gain (if any) upon the sale of gold. A Non-U.S. Shareholder generally
will not be subject to U.S. federal income tax with respect to gain recognized upon the sale or other disposition of Shares, or upon thesale of gold by the Trust, unless (1) the Non-U.S. Shareholder is an individual and is present in the United States for 183 days or moreduring the taxable year of the sale or other disposition, and certain other conditions are met; or (2) the gain is effectively connectedwith the conduct by the Non-U.S. Shareholder of a trade or business in the United States (and, if required by an applicable income tax
treaty, is attributable to a U.S. permanent establishment). If clause (1) of the preceding sentence applies, the Non-U.S. Shareholder
generally will be subject to a flat 30% U.S. federal income tax on any gain recognized, which may be offset by certain U.S. source
losses. If clause (2) of the preceding sentence applies, the Non-U.S. Shareholder will generally be required to pay U.S. federal income
tax on the net gain derived from the sale in the same manner as a U.S. Shareholder, as described above. In addition, corporate NonU.S. Shareholders may be subject to a 30% branch profits tax on their “effectively connected” earnings and profits attributable to suchgain (subject to adjustments). If a Non-U.S. Shareholder is eligible for the benefits of a tax treaty between the United States and its
country of residence, the tax treatment of any such gain may be modified in the manner specified by the treaty.
Estate and Gift Tax Considerations for Non-U.S. Shareholders
Under the U.S. federal estate tax law, individuals who are neither citizens nor residents (as determined for U.S. federal estate and gift
tax purposes) of the United States are subject to U.S. federal estate tax on all property that is “situated” in the U.S. at the time of death.
Shares may well be considered to be situated in the U.S. for these purposes. If they are, then Shares would be includible in the U.S.
gross estate of a non-resident alien Shareholder. Currently, U.S. federal estate tax is imposed at rates of up to 40% of the fair market
value of the taxable estate. The U.S. federal estate tax rate is subject to change in future years. In addition, the U.S. federal“generation-skipping transfer tax” may apply in certain circumstances. The estate of a non-resident alien Shareholder who wasresident in a country that has an estate tax treaty with the United States may be entitled to benefit from such treaty.
For non-citizens and non-residents of the United States, the U.S. federal gift tax generally applies only to gifts of tangible personal
property or real property that is situated in the United States. Tangible personal property (including gold) is situated in the UnitedStates if it is physically located in the United States. Although the matter is not settled, it appears that ownership of Shares should not
be considered ownership of the underlying gold for this purpose, even if that gold were held in custody in the United States. Instead,
Shares should be considered intangible property, and therefore they should not be subject to U.S. federal gift tax if transferred during
the Non-U.S. Shareholder’s lifetime.
Taxation in Jurisdictions Other than the United States
Prospective purchasers of Shares that are based in or acting out of a jurisdiction other than the United States are advised to consult
their own tax advisors as to the tax consequences, under the laws of such jurisdiction (or any other jurisdiction not being the UnitedStates to which they are subject), of their purchase, holding, sale and redemption of or any other dealing in Shares and, in particular,
whether any value added tax, other consumption tax or transfer tax is payable in relation to such purchase, holding, sale, redemption
or other dealing in Shares.
ERISA and Related Considerations
The Employee Retirement Income Security Act of 1974, as amended, or (“ERISA”), and/or Code section 4975 impose certain
requirements on employee benefit plans and certain other plans and arrangements that are subject to ERISA or the Code, including
IRAs and annuities, retirement plans for self-employed individuals (so-called “Keogh plans”), and certain collective investment funds
and insurance company general or separate accounts in which such plans or arrangements are invested, collectively the Plans, and on
persons who are fiduciaries with respect to the investment of assets treated as “plan assets” of a Plan. Government plans and somechurch plans are not subject to the fiduciary responsibility provisions of ERISA or the provisions of section 4975 of the Code but may
be subject to substantially similar rules under state or other federal law.
In contemplating an investment of a portion of Plan assets in Shares, the Plan fiduciary responsible for making such investment shouldcarefully consider, taking into account the facts and circumstances of the Plan, the “Risk Factors” discussed above and whether suchinvestment is consistent with its fiduciary responsibilities, including, but not limited to: (1) whether the fiduciary has the authority tomake the investment under the appropriate governing plan instrument; (2) whether the investment would constitute a direct or indirect“prohibited transaction” with a “party in interest” or “disqualified person,” as described in ERISA section 406 or Section 4975 of theCode, as applicable, that is not otherwise subject to a statutory exemption or prohibited transaction exemption issued by the
Department of Labor; (3) the Plan’s funding objectives; and (4) whether under the general fiduciary standards of investment prudence
and diversification such investment is appropriate for the Plan, taking into account the overall investment policy of the Plan, the19composition of the Plan’s investment portfolio and the Plan’s need for sufficient liquidity to pay benefits when due. The Sharesconstitute “publicly-offered securities” as defined in Department of Labor Regulations § 2510.3- 101(b)(2). Accordingly, Sharespurchased by a Plan, and not an interest in the underlying gold bullion held in the Trust represented by the Shares, should be treated asassets of the Plan, for purposes of applying the “fiduciary responsibility” and “prohibited transaction” rules of ERISA and the Code.
See also “United States Federal Tax Consequences — Investment by Certain Retirement Plans.”
Item 1A. Risk Factors
You should consider carefully the risks described below before making an investment decision. You should also refer to the otherinformation included in this report, including the Trust’s financial statements and the related notes.
Risks Related to Gold
Crises may motivate large-scale sales of gold which could decrease the price of gold and adversely affect an investment in the
Shares.
The possibility of large-scale distress sales of gold in times of crisis may have a negative impact on the price of gold and adversely
affect an investment in the Shares. For example, the 2008 financial crisis resulted in significant sales of gold by individuals which
depressed the price of gold. Crises in the future may impair gold’s price performance which would, in turn, adversely affect aninvestment in the Shares.
Substantial sales of gold by the official sector could adversely affect an investment in the Shares.
The official sector consists of central banks, other governmental agencies and international organizations that buy, sell and hold goldas part of their reserve assets. The official sector holds a significant amount of gold, most of which is static, meaning that it is held in
vaults and is not bought, sold, leased or swapped or otherwise mobilized in the open market. See “The Gold Industry—Sources ofGold Supply” and “Movements in the Price of Gold” for more details. In the event that future economic, political or social conditions
or pressures require members of the official sector to liquidate their gold assets all at once or in an uncoordinated manner, the demand
for gold might not be sufficient to accommodate the sudden increase in the supply of gold to the market. Consequently, the price ofgold could decline significantly, which would adversely affect an investment in the Shares.
The price of gold may be affected by the sale of gold by ETFs or other exchange traded vehicles tracking gold markets.
To the extent existing exchange traded funds (“ETFs”) or other exchange traded vehicles tracking gold markets represent a significant
proportion of demand for physical gold bullion, large redemptions of the securities of these ETFs or other exchange traded vehicles
could negatively affect physical gold bullion prices and the price and NAV of the Shares.
The value of the gold held by the Trust is determined using the LBMA Gold Price PM. Potential discrepancies in the calculation of
the LBMA Gold Price PM, as well as any future changes to the LBMA Gold Price PM, could impact the value of the gold held by
the Trust and could have an adverse effect on the value of an investment in the Shares.
The LBMA Gold Price is determined twice each business day (10:30 a.m. and 3:00 p.m. London time) by the participants in aphysically settled, electronic and tradable auction administered by the IBA using a bidding process that determines the price of goldby matching buy and sell orders submitted by the participants for the applicable auction time. The net asset value of the Trust isdetermined each day the Trust’s principal market, the NYSE Arca, is open for regular trading, using the LBMA Gold Price PM. If the
LBMA Gold Price PM has not been announced by 12:00 PM New York time on a particular evaluation day, the next most recent
LBMA Gold Price (AM or PM) is used in the determination of the net asset value of the Trust. The Trust, the Sponsor, and the Trustee
do not participate in establishing the LBMA Gold Price. Other trusts backed by physical gold also use the LBMA Gold Price todetermine their asset value. The LBMA Gold Price replaced the London Gold Fix on March 20, 2015 and has become a widely usedbenchmark for daily gold prices.
In the event that the LBMA Gold Price PM does not prove to be an accurate benchmark, and the LBMA Gold Price PM varies
materially from the price determined by other mechanisms, the Net Asset Value of the Trust and the value of an investment in the
Shares could be adversely impacted. Any future developments in the benchmark, to the extent they have a material impact on the
LBMA Gold Price PM, could adversely impact the Net Asset Value of the Trust and the value of an investment in the Shares. Further,
the calculation of the LBMA Gold Price PM is not an exact process. Rather it is based upon a procedure of matching orders fromparticipants in the auction process and their customers to sell gold with orders from participants in the auction process and theircustomers to buy gold at particular prices. The LBMA Gold Price PM does not therefore purport to reflect each buyer or seller of goldin the market, nor does it purport to set a definitive price for gold at which all orders for sale or purchase will take place on thatparticular day or time. All orders placed into the auction process by the participants will be executed on the basis of the pricedetermined pursuant to the LBMA Gold Price PM auction process (provided that orders may be cancelled, increased or decreased20while the auction is in progress). It is possible that electronic failures or other unanticipated events may occur that could result indelays in the announcement of, or the inability of the system to produce, an LBMA Gold Price PM on any given date.
Risks Related to the Custody of GoldThe Trust’s gold may be subject to loss, damage, theft or restriction on access.
There is a risk that some or all of the Trust’s gold bars held by the Custodian or any subcustodian on behalf of the Trust could be lost,
damaged or stolen. Access to the Trust’s gold bars could also be restricted by natural events (such as an earthquake) or human actions(such as a terrorist attack). Any of these events may adversely affect the operations of the Trust and, consequently, an investment in
the Shares.
The Trust may not have adequate sources of recovery if its gold is lost, damaged, stolen or destroyed and recovery may be limited,even in the event of fraud, to the market value of the gold at the time the fraud is discovered.
Shareholders’ recourse against the Trust, the Trustee and the Sponsor, under New York law, the Custodian, under English law, andany subcustodians under the law governing their custody operations is limited. The Trust does not insure its gold. The Custodian
maintains insurance with regard to its business on such terms and conditions as it considers appropriate which does not cover the fullamount of gold. The Trust is not a beneficiary of any such insurance and does not have the ability to dictate the existence, nature or
amount of coverage. Therefore, Shareholders cannot be assured that the Custodian will maintain adequate insurance or any insurancewith respect to the gold held by the Custodian on behalf of the Trust. In addition, the Custodian and the Trustee do not require any
direct or indirect subcustodians to be insured or bonded with respect to their custodial activities or in respect of the gold held by themon behalf of the Trust. Consequently, a loss may be suffered with respect to the Trust’s gold which is not covered by insurance and forwhich no person is liable in damages.
The liability of the Custodian is limited under the Custody Agreements. Under the Custody Agreements, the Custodian is only liable
for losses that are the direct result of its own negligence, fraud or willful default in the performance of its duties. Any such liability isfurther limited, in the case of the Allocated Bullion Account Agreement, to the market value of the gold bars held in the Trust’s
allocated gold account (Trust Allocated Account) at the time such negligence, fraud or willful default is discovered by the Custodian
and, in the case of the Unallocated Bullion Account Agreement, to the amount of gold credited to the Trust’s unallocated gold account(Trust Unallocated Account) at the time such negligence, fraud or willful default is discovered by the Custodian. The Custodian is notcontractually or otherwise liable for any losses suffered by any Authorized Participant or Shareholder that are not the direct result of
its own negligence, fraud or willful default in the performance of its duties under such agreement, and in no event will its liability
exceed the market value of the balance in the Authorized Participant Unallocated Account at the time such gross negligence, fraud or
willful default is discovered by the Custodian.
In addition, the Custodian will not be liable for any delay in performance or any non-performance of any of its obligations under the
Custody Agreements by reason of any cause beyond its reasonable control, including acts of God, war or terrorism. As a result, therecourse of the Trustee or the investor, under English law, is limited. Furthermore, under English common law, the Custodian or any
subcustodian will not be liable for any delay in the performance or any non-performance of its custodial obligations by reason of any
cause beyond its reasonable control.
Gold bars may be held by one or more subcustodians appointed by the Custodian, or employed by the subcustodians appointed by the
Custodian, until it is transported to the Custodian’s London vault premises. Under the Allocated Bullion Account Agreement, except
for an obligation on the part of the Custodian to use commercially reasonable efforts to obtain delivery of the Trust’s gold bars fromany subcustodians appointed by the Custodian, the Custodian is not liable for the acts or omissions of its subcustodians unless theselection of such subcustodians was made negligently or in bad faith.
The obligations of the Custodian under the Allocated Bullion Account Agreement, the Unallocated Bullion Account Agreement and
the Participant Unallocated Bullion Account Agreement are governed by English law. The Custodian may enter into arrangementswith subcustodians, which arrangements may also be governed by English law. The Trust is a New York investment trust. Any
federal, New York, or other court situated in the United States may have difficulty interpreting English law (which, insofar as it relates
to custody arrangements, is largely derived from court rulings rather than statute), LBMA rules or the customs and practices in the
London custody market. It may be difficult or impossible for the Trust to sue a subcustodian in a United States, New York or othercourt situated in the United States. In addition, it may be difficult, time consuming and/or expensive for the Trust to enforce in aforeign court a judgment rendered by a federal, New York, or other court situated in the United States.
If any subcustodian which holds gold on a temporary basis does not exercise due care in the safekeeping of the Trust’s gold bars, theability of the Trustee or the Custodian to recover damages against such subcustodian may be limited to only such recourse, if any, as
may be available under applicable English law or other applicable law. If the Trustee’s or the Custodian’s recourse against the21subcustodian is so limited, the Trust may not be adequately compensated for the loss. For more information on the Trustee’s and theCustodian’s ability to seek recovery against subcustodians, the use of subcustodians in the most recent fiscal year and the
subcustodian’s duty to safekeep the Trust’s gold bars, see “Custody of the Trust’s Gold.”
If the Trust’s gold bars are lost, damaged, stolen or destroyed under circumstances rendering a party liable to the Trust, the responsible
party may not have the financial resources sufficient to satisfy the Trust’s claim. For example, as to a particular event of loss, the only
source of recovery for the Trust might be limited to the Custodian, as currently it is the sole custodian holding all of the Trust’s gold;or one or more subcustodians, if appointed; or, to the extent identifiable, other responsible third parties (e.g., a thief or terrorist), anyof which may not have the financial resources (including liability insurance coverage) to satisfy a valid claim of the Trust.
Neither the Shareholders nor any Authorized Participant has a right under the Custody Agreements to assert a claim of the Trustee
against the Custodian or any subcustodian; claims under the Custody Agreements may only be asserted by the Trustee on behalf of theTrust.
Because neither the Trustee nor the Custodian oversees or monitors the activities of subcustodians who may temporarily hold theTrust’s gold bars until transported to the Custodian’s London vault, failure by the subcustodians to exercise due care in thesafekeeping of the Trust’s gold bars could result in a loss to the Trust.
Under the Allocated Bullion Account Agreement, the Custodian agreed that it will hold all of the Trust’s gold bars in its own vault
premises except when the gold bars have been allocated in a vault other than the Custodian’s vault premises, and in such cases the
Custodian agreed that it will use commercially reasonable efforts promptly to transport the gold bars to the Custodian’s vault, at theCustodian’s cost and risk. Nevertheless, there will be periods of time when some portion of the Trust’s gold bars may be held by one
or more subcustodians appointed by the Custodian or by a subcustodian of such subcustodian. The Allocated Bullion AccountAgreement is described in “Description of the Custody Agreements.”
The Custodian is required under the Allocated Bullion Account Agreement to use reasonable care in appointing its subcustodians but
otherwise has no other responsibility in relation to the subcustodians appointed by it. These subcustodians may in turn appoint further
subcustodians, but the Custodian is not responsible for the appointment of these further subcustodians. The Custodian does notundertake to monitor the performance by subcustodians of their custody functions or their selection of further subcustodians. The
Trustee does not undertake to monitor the performance of any subcustodian. Furthermore, the Trustee may have no right to visit thepremises of any subcustodian for the purposes of examining the Trust’s gold bars or any records maintained by the subcustodian, andno subcustodian will be obligated to cooperate in any review the Trustee may wish to conduct of the facilities, procedures, records orcreditworthiness of such subcustodian. See “Custody of the Trust’s Gold” for more information about subcustodians that may hold theTrust’s gold.
In addition, the ability of the Trustee to monitor the performance of the Custodian may be limited because under the Custody
Agreements the Trustee has only limited rights to visit the premises of the Custodian for the purpose of examining the Trust’s gold
bars and certain related records maintained by the Custodian.
The ability of the Trustee and the Custodian to take legal action against subcustodians may be limited, which increases thepossibility that the Trust may suffer a loss if a subcustodian does not use due care in the safekeeping of the Trust’s gold bars.
If any subcustodian which holds gold on a temporary basis does not exercise due care in the safekeeping of the Trust’s gold bars, theability of the Trustee or the Custodian to recover damages against such subcustodian may be limited to only such recourse, if any, as
may be available under applicable English law or, if the subcustodian is not located in England, under other applicable law. This isbecause there are expected to be no written contractual arrangements between subcustodians who may hold the Trust’s gold bars andthe Trustee or the Custodian, as the case may be. If the Trustee’s or the Custodian’s recourse against the subcustodian is so limited, theTrust may not be adequately compensated for the loss. For more information on the Trustee’s and the Custodian’s ability to seek
recovery against subcustodians, the use of subcustodians in the most recent fiscal year and the subcustodian’s duty to safekeep theTrust’s gold bars, see “Custody of the Trust’s Gold.”Gold held in the Trust’s unallocated gold account and any Authorized Participant’s unallocated gold account will not be
segregated from the Custodian’s assets. If the Custodian becomes insolvent, its assets may not be adequate to satisfy a claim by theTrust or any Authorized Participant. In addition, in the event of the Custodian’s insolvency, there may be a delay and costs
incurred in identifying the gold bars held in the Trust’s allocated gold account.
Gold which is part of a deposit for a purchase order or part of a redemption distribution will be held for a time in the Trust UnallocatedAccount and, previously or subsequently, in the Authorized Participant Unallocated Account of the purchasing or redeeming
Authorized Participant. During those times, the Trust and the Authorized Participant, as the case may be, will have no proprietary
rights to any specific bars of gold held by the Custodian and will each be an unsecured creditor of the Custodian with respect to theamount of gold held in such unallocated accounts. In addition, if the Custodian fails to allocate the Trust’s gold in a timely manner, in22

the proper amounts or otherwise in accordance with the terms of the Unallocated Bullion Account Agreement, or if a subcustodian
fails to so segregate gold held by it on behalf of the Trust, unallocated gold will not be segregated from the Custodian’s assets, and theTrust will be an unsecured creditor of the Custodian with respect to the amount so held in the event of the insolvency of the Custodian.
In the event the Custodian becomes insolvent, the Custodian’s assets might not be adequate to satisfy a claim by the Trust or the
Authorized Participant for the amount of gold held in their respective unallocated gold accounts.
In the event of the insolvency of the Custodian, a liquidator may seek to freeze access to the gold held in all of the accounts held by
the Custodian, including the Trust Allocated Account. Although the Trust would retain legal title to the allocated gold bars, the Trust
could incur expenses in connection with obtaining control of the allocated gold bars, and the assertion of a claim by such liquidator for
unpaid fees due to the Custodian could delay creations and redemptions of Baskets.
The gold bullion custody operations of the Custodian are not subject to specific governmental regulatory supervision.
The Custodian is responsible for the safekeeping of the Trust’s gold bullion that the Custodian allocates to the Trust in connection
with the creation of Baskets by Authorized Participants. The Custodian also facilitates the transfer of gold in and out of the Trustthrough unallocated gold accounts it maintains for Authorized Participants and the Trust. Although the Custodian is a market maker,
clearer and approved weigher under the rules of the LBMA (which sets out good practices for participants in the bullion market), the
LBMA is not an official or governmental regulatory body. Furthermore, although the Custodian is subject to general banking
regulations by U.S. regulators and is generally regulated in the U.K. by the Prudential Regulation Authority and the FCA, such
regulations do not directly cover the Custodian’s gold bullion custody operations in the U.K. Accordingly, the Trust is dependent on
the Custodian to comply with the best practices of the LBMA and to implement satisfactory internal controls for its gold bullion
custody operations in order to keep the Trust’s gold secure.
General Risks
The Trust relies on the information and technology systems of the Trustee, the Custodian, the Marketing Agent and, to a lesser
degree, the Sponsor, which could be adversely affected by information systems interruptions, cybersecurity attacks or otherdisruptions which could have a material adverse effect on our record keeping and operations.
The Custodian, the Trustee and the Marketing Agent depend upon information technology infrastructure, including network, hardware
and software systems to conduct their business as it relates to the Trust. A cybersecurity incident, or a failure to protect their computer
systems, networks and information against cybersecurity threats, could result in a loss of information and adversely impact theirability to conduct their business, including their business on behalf of the Trust. Despite implementation of network and othercybersecurity measures, their security measures may not be adequate to protect against all cybersecurity threats.
The Trust as well as the Sponsor and its service providers are vulnerable to the effects of geopolitical events and the continuationof the war in Ukraine or other hostilities.
Geopolitical events and the continuation of the hostilities in Ukraine or other hostilities could disrupt and potentially impact thebusiness activities of the Sponsor and its service providers and have an adverse effect on the Trust.
In late February 2022, Russia launched an invasion of Ukraine, significantly amplifying already existing geopolitical tensions among
Russia and other countries in the region and in the west. On March 7, 2022, the LBMA suspended its accreditation of six Russian
precious metals refiners. The LBMA stated that existing bars produced by the refiners before their suspension will still be accepted as
good delivery. Following an announcement at the G7 Summit to collectively ban the import of Russian gold, the UK passed
regulations which prohibit the direct or indirect (i) import of gold that originated in Russia, (ii) acquisition of gold that originated in
Russia or is located in Russia and (iii) supply or delivery of gold that originated in Russia, all after July 21, 2022. Similarly, US
regulations prohibit the import of gold of Russian origin into the United States on or after June 28, 2022 and EU regulations prohibit
the direct or indirect import, purchase or transfer of gold if it originates in Russia and has been exported from Russia after July 22,
2022.
The responses of countries and political bodies to Russia’s actions, the larger overarching tensions, and Ukraine’s military response
and the potential for wider conflict may increase financial market volatility generally, have adverse effects on regional and global
economic markets, and cause volatility in the price of gold and the price of the Shares. In addition, the conflict in Ukraine, along with
global political fallout and implications including sanctions, shipping disruptions, collateral war damage, and a potential expansion of
the conflict beyond Ukraine’s borders, could disturb the gold market.
The Trust as well as the Sponsor and its service providers are vulnerable to the effects of public health crises, including theongoing novel coronavirus pandemic (the “COVID-19 pandemic”).
Pandemics and other public health crises may cause a curtailment of business activities which may potentially impact the ability of theSponsor and its service providers to operate. The COVID-19 pandemic or a similar public health threat could adversely impact the23

Trust by causing operating delays and disruptions, market disruption and shutdowns (including as a result of government regulationand prevention measures). The COVID-19 pandemic has had and will likely continue to have serious negative effects on social,economic and financial systems, including significant uncertainty and volatility in the financial markets. To date, the impact of
COVID-19 has not materially affected the operations of the Trust.
Potential conflicts of interest may arise among the Sponsor or its affiliates and the Trust.
Conflicts of interest may arise among the Sponsor and its affiliates, on the one hand, and the Trust and its Shareholders, on the otherhand. As a result of these conflicts, the Sponsor may favor its own interests and the interests of its affiliates over the Trust and its
Shareholders. As an example, the Sponsor, its affiliates and their officers and employees are not prohibited from engaging in otherbusinesses or activities, including those that might be in direct competition with the Trust.
Risks Related to the Shares
The value of the Shares relates directly to the value of the gold held by the Trust and fluctuations in the price of gold could
materially adversely affect an investment in the Shares.
The Shares are designed to mirror as closely as possible the performance of the price of gold, and the value of the Shares relates
directly to the value of the gold held by the Trust, less the Trust’s liabilities (including estimated accrued expenses). The price of gold
has fluctuated widely over the past several years. Several factors may affect the price of gold, including:•Global gold supply and demand, which is influenced by such factors as gold’s uses in jewelry, technology and industrial
applications, purchases made by investors in the form of bars, coins and other gold products, forward selling by gold
producers, purchases made by gold producers to unwind gold hedge positions, central bank purchases and sales, andproduction and cost levels in major gold-producing countries such as China, the United States and Australia;•

Global or regional political, economic or financial events and situations, especially those unexpected in nature;•

Investors’ expectations with respect to the rate of inflation;•

Currency exchange rates;•

Interest rates;•

Investment and trading activities of hedge funds and commodity funds; and•Other economic variables such as income growth, economic output, and monetary policies.

The Shares have experienced significant price fluctuations. If gold markets continue to be subject to sharp fluctuations, this may resultin potential losses if you need to sell your Shares at a time when the price of gold is lower than it was when you made yourinvestment. Even if you are able to hold Shares for the long-term, you may never experience a profit, since gold markets havehistorically experienced extended periods of flat or declining prices, in addition to sharp fluctuations.
In addition, investors should be aware that while gold is used to preserve wealth by investors around the world, there is no assurance
that gold will maintain its long-term value in terms of purchasing power in the future. In the event that the price of gold declines, theSponsor expects the value of an investment in the Shares to decline proportionately.
If concerns about the integrity or reliability of the LBMA Gold Price PM arise, even if eventually shown to be without merit, suchconcerns could adversely affect investor interest in gold and therefore adversely affect the price of gold and the value of aninvestment in the Shares.
Because the net asset value of the Trust is determined using the LBMA Gold Price PM, discrepancies in, or manipulation of thecalculation of the LBMA Gold Price PM could have an adverse impact on the value of an investment in the Shares. Furthermore, any
concern about the integrity or reliability of the pricing mechanism could disrupt trading in gold and products using the LBMA Gold
Price PM, such as the Shares. In addition, these concerns could potentially lead to changes in the manner in which the LBMA Gold
Price PM is calculated and/or the discontinuance of the LBMA Gold Price PM altogether. Each of these factors could lead to lessliquidity or greater price volatility for gold and products using the LBMA Gold Price PM, such as the Shares, or otherwise could havean adverse impact on the trading price of the Shares.
The amount of gold represented by the Shares will continue to be reduced during the life of the Trust due to the sales of gold
necessary to pay the Trust’s expenses irrespective of whether the trading price of the Shares rises or falls in response to changes in
the price of gold.
Each outstanding Share represents a fractional, undivided interest in the gold held by the Trust. The Trust does not generate any
income and regularly sells gold to pay for its ongoing expenses. Therefore, the amount of gold represented by each Share has
24gradually declined over time. This is also true with respect to Shares that are issued in exchange for additional deposits of gold into theTrust, as the amount of gold required to create Shares proportionately reflects the amount of gold represented by the Shares
outstanding at the time of creation. Assuming a constant gold price, the trading price of the Shares is expected to gradually decline
relative to the price of gold as the amount of gold represented by the Shares gradually declines.
Investors should be aware that the gradual decline in the amount of gold represented by the Shares will occur regardless of whether the
trading price of the Shares rises or falls in response to changes in the price of gold. The estimated ordinary operating expenses of theTrust, which accrue daily commencing after the first day of trading of the Shares, are described in “Trust Expenses.”
The Trust is a passive investment vehicle. This means that the value of the Shares may be adversely affected by Trust losses that, if
the Trust had been actively managed, it might have been possible to avoid.
The Trustee does not actively manage the gold held by the Trust. This means that the Trustee does not sell gold at times when its priceis high, or acquire gold at low prices in the expectation of future price increases. It also means that the Trustee does not make use of
any of the hedging techniques available to professional gold investors to attempt to reduce the risks of losses resulting from pricedecreases. Any losses sustained by the Trust will adversely affect the value of the Shares.
The Shares may trade at a price which is at, above or below the NAV per Share and any discount or premium in the trading pricerelative to the NAV per Share may widen as a result of non-concurrent trading hours between the COMEX and NYSE Arca.
The Shares may trade at, above or below the NAV per Share. The NAV per Share fluctuates with changes in the market value of theTrust’s assets. The trading price of the Shares fluctuates in accordance with changes in the NAV per Share as well as market supply
and demand. The amount of the discount or premium in the trading price relative to the NAV per Share may be influenced by nonconcurrent trading hours between the COMEX and NYSE Arca. While the Shares trade on NYSE Arca until 8:00 PM New York time,liquidity in the global gold market may be reduced after the close of the COMEX at 1:30 PM New York time. As a result, during thistime, trading spreads, and the resulting premium or discount, on the Shares may widen.
The sale of the Trust’s gold to pay expenses at a time of low gold prices could adversely affect the value of the Shares.
The Trustee sells gold held by the Trust to pay Trust expenses on an as-needed basis irrespective of then-current gold prices. The
Trust is not actively managed, and no attempt will be made to buy or sell gold to protect against or to take advantage of fluctuations in
the price of gold. Consequently, the Trust’s gold may be sold at a time when the gold price is low, resulting in a negative effect on thevalue of the Shares.
Shareholders do not have the protections associated with ownership of shares in an investment company registered under theInvestment Company Act of 1940, as amended, or the protections afforded by the Commodity Exchange Act.
The Trust is not registered as an investment company under the Investment Company Act of 1940, as amended, and is not required toregister under such act. Consequently, Shareholders do not have the regulatory protections provided to investors in registeredinvestment companies. The Trust will not hold or trade in commodity futures contracts regulated by the Commodity Exchange Act(the “CEA”) as administered by the Commodity Futures Trading Commission (the “CFTC”). Furthermore, the Trust is not acommodity pool for purposes of the CEA, and none of the Sponsor, the Trustee or the Marketing Agent is subject to regulation by the
CFTC as a commodity pool operator or a commodity trading advisor in connection with the Shares. Consequently, Shareholders do
not have the regulatory protections provided to investors in CEA-regulated instruments or commodity pools.
The Trust may be required to terminate and liquidate at a time that is disadvantageous to Shareholders.
If the Trust is required to terminate and liquidate, such termination and liquidation could occur at a time which is disadvantageous to
Shareholders, such as when gold prices are lower than the gold prices at the time when Shareholders purchased their Shares. In such acase, when the Trust’s gold is sold as part of the Trust’s liquidation, the resulting proceeds distributed to Shareholders will be less thanif gold prices were higher at the time of sale.
The liquidity of the Shares may be affected by the withdrawal of Authorized Participants.
In the event that one of more Authorized Participants which has substantial interests in the Shares withdraws from participation, theliquidity of the Shares will likely decrease, which could adversely affect the market price of the Shares.
The lack of an active trading market or a halt in trading of the Shares may result in losses on investment at the time of dispositionof the Shares.
Although Shares are listed for trading on NYSE Arca, it cannot be assumed that an active trading market for the Shares will bemaintained. If an investor needs to sell Shares at a time when no active market for Shares exists, or there is a halt in trading of25

securities generally or of the Shares, this will most likely adversely affect the price the investor receives for the Shares (assuming theinvestor is able to sell them).
Redemption orders are subject to postponement, suspension or rejection by the Trustee under certain circumstances.
The Trustee may, in its discretion, and will when directed by the Sponsor, suspend the right of redemption or postpone the redemption
settlement date, (1) for any period during which NYSE Arca is closed other than customary weekend or holiday closings, or trading on
NYSE Arca is suspended or restricted, (2) for any period during which an emergency exists as a result of which the delivery, disposal
or evaluation of gold is not reasonably practicable, or (3) for such other period as the Sponsor determines to be necessary for theprotection of Shareholders. In addition, the Trustee will reject a redemption order if the order is not in proper form as described in theParticipant Agreement or if the fulfillment of the order, in the opinion of its counsel, might be unlawful. Any such postponement,
suspension or rejection could adversely affect a redeeming Shareholder. For example, the resulting delay may adversely affect thevalue of the Shareholder’s redemption distribution if the price of the Shares declines during the period of the delay. See “Creation and
Redemption of Shares—Redemption Procedures.” Under the Trust Indenture, the Sponsor and the Trustee disclaim any liability for
any loss or damage that may result from any such suspension or postponement.
Shareholders do not have the rights enjoyed by investors in certain other vehicles.
As interests in an investment trust, the Shares have none of the statutory rights normally associated with the ownership of shares of acorporation (including, for example, the right to bring “oppression” or “derivative” actions). In addition, the Shares have limited
voting and distribution rights (for example, Shareholders do not have the right to elect directors and will not receive dividends). See“Description of the Shares” for a description of the limited rights of holders of Shares.
An investment in the Shares may be adversely affected by competition from other methods of investing in gold.
The Trust competes with other financial vehicles, including traditional debt and equity securities issued by companies in the gold
industry and other securities backed by or linked to gold, direct investments in gold and investment vehicles similar to the Trust.
Market and financial conditions, and other conditions beyond the Sponsor’s control, may make it more attractive to invest in otherfinancial vehicles or to invest in gold directly, which could limit the market for the Shares and reduce the liquidity of the Shares.
The Trust’s obligation to reimburse the Marketing Agent and the Authorized Participants for certain liabilities in the event theSponsor fails to indemnify such parties could adversely affect an investment in the Shares.
The Sponsor has agreed to indemnify the Marketing Agent, its partners, directors and officers, and any person who controls theMarketing Agent, and its respective successors and assigns, against any loss, damage, expense, liability or claim that may be incurredby the Marketing Agent in connection with (1) any untrue statement or alleged untrue statement of a material fact contained in theregistration statement of which this report forms a part (including this report, any preliminary prospectus, any prospectus supplement
and any exhibits thereto) or any omission or alleged omission to state a material fact required to be stated therein or necessary to makethe statements therein not misleading; (2) any untrue statement or alleged untrue statement of a material fact made by the Sponsor
with respect to any representations and warranties or any covenants under the Marketing Agent Agreement, or failure of the Sponsor
to perform any agreement or covenant therein; (3) any untrue statement or alleged untrue statement of a material fact contained in any
materials used in connection with the marketing of the Shares; (4) circumstances surrounding the third party allegations relating topatent and contract disputes; or (5) the Marketing Agent’s performance of its duties under the Marketing Agent Agreement, and tocontribute to payments that the Marketing Agent may be required to make in respect thereof. The Trustee has agreed to reimburse theMarketing Agent, solely from and to the extent of the Trust’s assets, for indemnification and contribution due under the preceding
sentence to the extent the Sponsor has not paid such amounts directly when due. Under the Participant Agreement, the Sponsor also
has agreed to indemnify the Authorized Participants against certain liabilities, including liabilities under the Securities Act and tocontribute to payments that the Authorized Participants may be required to make in respect of such liabilities. The Trustee has agreed
to reimburse the Authorized Participants, solely from and to the extent of the Trust’s assets, for indemnification and contribution
amounts due from the Sponsor in respect of such liabilities to the extent the Sponsor has not paid such amounts when due. In the event
the Trust is required to pay any such amounts, the Trustee would be required to sell assets of the Trust to cover the amount of any suchpayment and the NAV of the Trust would be reduced accordingly, thus adversely affecting an investment in the Shares.
Under the Trust Indenture, the Sponsor may be able to seek indemnification from the Trust for payments it makes in connection with
the Sponsor’s activities under the Trust Indenture to the extent its conduct does not disqualify it from receiving such indemnification
under the terms of the Trust Indenture. The Sponsor will also be indemnified from the Trust and held harmless against any loss,
liability or expense arising under the Marketing Agent Agreement or any Participant Agreement insofar as such loss, liability or
expense arises from any untrue statement or alleged untrue statement of a material fact contained in any written statement provided to
the Sponsor by the Trustee.

26

Item 1B. Unresolved Staff Comments
Not applicable.
Item 2. Properties
Not applicable.
Item 3. Legal Proceedings
Not applicable.
Item 4. Mine Safety Disclosures
Not applicable.

27

PART II
Item 5.

Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity
Securities

Market Information
The Trust’s Shares have been listed on the NYSE Arca under the symbol “GLD” since December 13, 2007, after a transfer from the
New York Stock Exchange (“NYSE”) where the Shares were listed since its initial public offering on November 18, 2004. The Shares
have traded on the Mexican Stock Exchange (Bolsa Mexicana de Valores) since August 10, 2006, the Singapore Exchange Limited
since October 11, 2006, the Tokyo Stock Exchange since June 30, 2008 and the Hong Kong Exchanges and Clearing Limited since
July 31, 2008.
Holders of Record
As of October 31, 2022, there were approximately 187 DTC participating shareholders of record of the Trust. Because most of theTrust’s Shares are held by brokers and other institutions on behalf of shareholders, we are unable to estimate the total number ofshareholders represented by these record holders.
Issuer Purchase of Shares
Although the Trust does not purchase Shares directly from its shareholders, in connection with its redemption of Baskets, the Trust
redeemed 113,800,000 Shares (1,138 Baskets) during the year ended September 30, 2022, including 44,500,000 Shares (445
Baskets) for the three months ended September 30, 2022 as set forth in the table below.
Total number of
Shares redeemed

Average ouncesof gold per Share

7/1/22 to 7/31/22 .............................................................................................................................
8/1/22 to 8/31/22 .............................................................................................................................
9/1/22 to 9/30/22 .............................................................................................................................

15,800,000
13,100,000
15,600,000.09322.09317.09314TOTAL ..................................................................................................................................

44,500,000.09318PeriodItem 6.

[Reserved]

Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations
Trust Overview
SPDR® Gold Trust is an investment trust that was formed November 12, 2004. The Trust issues Baskets in exchange for deposits ofgold and distributes gold in connection with the redemption of Baskets. The investment objective of the Trust is for the Shares toreflect the performance of the price of gold bullion, less the expenses of the Trust’s operations. The Shares are designed to provide
investors with a cost effective and convenient way to invest in gold.
Gold is held by HSBC Bank plc (the “Custodian”) on behalf of the Trust.
As of the date of this quarterly report, Credit Suisse Securities (USA) LLC, Goldman, Sachs & Co., Goldman Sachs Execution &Clearing, L.P., HSBC Securities (USA) Inc., J.P. Morgan Securities LLC, Merrill Lynch Professional Clearing Corp., Morgan
Stanley & Co. LLC, RBC Capital Markets LLC, UBS Securities LLC and Virtu Americas LLC are the only Authorized Participants.
An updated list of Authorized Participants can be obtained from the Trustee or the Sponsor.

28

Investing in the Shares does not insulate the investor from certain risks, including price volatility. The following chart illustrates the
movement in the price of the Shares and NAV of the Shares against the corresponding gold price (per 1/10 of an oz. of gold) since the
day the Shares first began trading on the NYSE and subsequent transfer to NYSE Arca:
Share price & NAV v. gold price – November 18, 2004 to September 30, 2022

The divergence of the price of the Shares and NAV of the Shares from the gold price over time reflects the cumulative effect of theTrust expenses that arise if an investment had been held since inception.
Critical Accounting Policy
Valuation of Gold, Definition of Net Asset ValueThe Trustee values the gold held by the Trust and determines the NAV of the Trust on each day the NYSE Arca is open for regular
trading, at the earlier of the LBMA Gold Price PM for the day or 12:00 PM New York time. If no LBMA Gold Price PM is announced
on a particular evaluation day or if the LBMA Gold Price PM has not been announced by 12:00 PM New York time on a particularevaluation day, the next most recent LBMA Gold Price (AM or PM) is used in the determination of the NAV of the Trust, unless theTrustee, in consultation with the Sponsor, determines that such price is inappropriate to use as the basis for such determination. In theevent the Trustee and the Sponsor determine that such price is not an appropriate basis for valuation of the Trust’s gold, they will
identify an alternative basis for such valuation to be employed by the Trustee. While we believe that the LBMA Gold Price is anappropriate indicator of the value of gold, there are other indicators that are available that could be different than the LBMA Gold
Price. The use of such an alternative indicator could result in materially different fair value pricing of the gold in the Trust which
could result in different market adjustments or redemption value adjustments of our outstanding redeemable Shares.
Once the value of the gold has been determined, the Trustee subtracts all estimated accrued fees, expenses and other liabilities of theTrust from the total value of the gold and all other assets of the Trust (other than any amounts credited to the Trust’s reserve account,
if established). The resulting figure is the NAV of the Trust. The Trustee determines the NAV per Share by dividing the NAV of theTrust by the number of Shares outstanding as of the close of trading on NYSE Arca.
Inspectorate conducts two counts each year of the gold bullion held on behalf of the Trust at the vaults of the Custodian. A completebar count is conducted once per year and coincides with the Trust’s financial year end at September 30th. On October 3, 2022,
Inspectorate concluded the annual full count of the Trust’s gold bullion held by the Custodian. The second count is a random sample
count and is conducted at a date which falls within the same financial year and was conducted most recently on April 29, 2022. The
results can be found on www.spdrgoldshares.com. The Sponsor generally visits the vaults of the Custodian twice a year as part of its
due diligence procedures.

29Gold acquired, or disposed of, by the Trust is recorded at average cost. The table below summarizes the impact of unrealized
gains/(losses) on the Trust’s gold holdings at September 30, 2022 and 2021:
Sep-30, 2022

(Amount in 000’s of US$)

Sep-30, 2021

Investment in gold – cost ...................................................................................................................... $ 49,274,427 $ 49,227,344
Unrealized gain/(loss) on investment in gold........................................................................................
1,418,830
6,246,679
Investment in gold – market value ........................................................................................................ $ 50,693,257 $ 55,474,023
Review of Financial Results
Financial Highlights
For theyear ended
Sep-30, 2022

(All amounts in the following table and the subsequent paragraphs are in
000’s of US$)For theyear ended
Sep-30, 2021

For theyear ended
Sep-30, 2020

Net realized and change in unrealized gain/(loss) on investment in gold .................. $ (2,706,033) $ (5,488,874) $ 13,309,558
Net income/(loss) ....................................................................................................... $ (2,944,530) $ (5,746,469) $ 13,083,928
Net cash provided by operating activities .................................................................. $
— $
— $
—
The Trust’s net realized and change in unrealized loss on investment in gold for the year ended September 30, 2022 is made up of again of $30,323 on the sale of gold to pay expenses, a realized gain of $2,091,493 on gold distributed for the redemption of Shares,
and a change in unrealized depreciation of $4,827,849 on investment in gold.
The Trust’s net realized and change in unrealized loss on investment in gold for the year ended September 30, 2021 is made up of again of $43,413 on the sale of gold to pay expenses, a realized gain of $4,455,284 on gold distributed for the redemption of Shares,
and a change in unrealized depreciation of $9,987,571 on investment in gold.
The Trust’s net realized and change in unrealized gain on investment in gold for the year ended September 30, 2020 is made up of again of $37,273 on the sale of gold to pay expenses, a realized gain of $2,138,221 on gold distributed for the redemption of Shares,
and a change in unrealized appreciation of $11,134,064 on investment in gold.
Selected Supplemental Data
(Amounts, except for per ounce and per share, are in 000’s)

Year ended
Sep-30, 2022

Year ended
Sep-30, 2021

Year ended
Sep-30, 2020

31,830.4

40,796.0

29,737.6

Ounces of Gold:
Opening balance ...........................................................................................................
Creations (excluding gold receivable at September 30, 2022 – 0; September 30,
2021 – 0 and September 30, 2020 – 0) .....................................................................
Redemptions (excluding gold payable at September 30, 2022 – 111.1; September 30,
2021 – 0 and September 30, 2020 – 0) .....................................................................
Sales of gold..................................................................................................................
Closing balance .............................................................................................................

9,128.0

6,325.9

18,975.6(10,503.0)(132.0)30,323.5(15,146.2)(145.3)31,830.4(7,789.1)(128.1)40,796.0

Gold price per ounce – LBMA Gold Price PM............................................................. $1,671.75

Market value of gold holdings ...................................................................................... $ 50,693,257
Number of Shares (in 000’s):
Opening balance ...........................................................................................................
Creations .......................................................................................................................
Redemptions .................................................................................................................
Closing balance .............................................................................................................

340,300
97,800(113,800)
324,300$

1,742.80$

1,886.90$ 55,474,023$ 76,978,000

434,400
67,500(161,600)
340,300

314,000
201,800(81,400)
434,400

On the date of inception of the Trust, the Custodian received 30,000 ounces of gold on behalf of the Trust in exchange for
300,000 Shares (3 Baskets). Trading of the Trust’s Shares commenced on November 18, 2004. In the year ended September 30, 2022,
an additional 97,800,000 Shares (978 Baskets), were created in exchange for 9,128,031 ounces of gold, and 113,800,000 Shares(1,138 Baskets) were redeemed in exchange for 10,502,979 ounces of gold. For accounting purposes, the Trust reflects creations andthe gold receivable with respect to such creations on the date of receipt of a notification of a creation but does not deliver Shares until
the requisite amount of gold is received. Upon a redemption, the Trust delivers gold upon receipt of Shares. All references in this
discussion to gold receivable and gold payable relate to creations and redemptions that had not been completed. These creations andredemptions were completed in the normal course of business, including the receipt and payment of the gold by the Custodian.
30

As at September 30, 2022, the amount of gold owned by the Trust and held by the custodian in its vault was 30,323,468 ounces, 100%of which is allocated gold in the form of London Good Delivery gold bars with a market value of $50,693,257,111 based on the
LBMA Gold Price PM on September 30, 2022 (cost —$49,274,427,022).
As at September 30, 2021, the amount of gold owned by the Trust and held by the custodian in its vault was 31,830,401 ounces, 100%of which is allocated gold in the form of London Good Delivery gold bars with a market value of $55,474,022,504 based on the
LBMA Gold Price PM on September 30, 2021 (cost —$49,227,343,846).
As at September 30, 2020, the amount of gold owned by the Trust and held by the custodian in its vault was 40,796,015 ounces, 100%of which is allocated gold in the form of London Good Delivery gold bars with a market value of $76,978,000,158 based on the
LBMA Gold Price PM on September 30, 2020 (cost —$60,743,750,288).
Cash Flow from Operations
The Trust had no net cash flow from operations in the years ended September 30, 2022, 2021 and 2020. Cash received in respect ofgold sold to pay expenses in the years ended September 30, 2022, 2021 and 2020 was the same as those expenses, resulting in a zero
cash balance at September 30, 2022, 2021 and 2020.
Off-Balance Sheet Arrangements
The Trust is not a party to any off-balance sheet arrangements.
Cash Resources and Liquidity
At September 30, 2022 and 2021 the Trust did not have any cash balances. When selling gold to pay expenses, the Trustee endeavors
to sell the exact amount of gold needed to pay expenses in order to minimize the Trust’s holdings of assets other than gold. As aconsequence, we expect that the Trust will not record any cash flow from its operations and that its cash balance will be zero at theend of each reporting period.
Analysis of Movements in the Price of GoldAs movements in the price of gold are expected to directly affect the price of the Trust’s Shares, investors should understand what the
recent movements in the price of gold have been. Investors, however, should also be aware that past movements in the gold price are
not indicators of future movements. This section identifies recent movements in the gold price.
The following chart provides historical background on the price of gold. The chart illustrates movements in the price of gold in U.S.
dollars per ounce over the period from October 1, 2017 to September 30, 2022 and is based on the LBMA Gold Price PM.
Daily Gold Price – October 1, 2017 – September 30, 2022
LBMA Gold Price PM USD

31

The average high, low and end-of-period gold prices for the three and twelve-month periods over the prior three years and for theperiod from November 12, 2004 (the date of inception of the Trust) through September 30, 2022, based on the LBMA Gold Pricewhen available from March 20, 2015 and previously the London Fix, were:Average

High

Date

1,517.10
1,683.65
1,771.60
2,067.15
1,940.80
1,943.20
1,902.75
1,829.30
1,864.90
2,039.05
1,976.75
1,808.40

Oct 3, 2019
Mar 6, 2020
June 29, 2020
Aug 6, 2020
Nov 6, 2020
Jan 4, 2021
June 2, 2021
July 29, 2021
Nov 17, 2021
Mar 8, 2022
Apr 13,2022
Jul 4, 2022

$
$
$
$
$
$
$
$
$
$
$
$

$ 1,672.83$ 1,818.12$ 1,817.08$ 2,067.15$ 1,943.20$ 2,039.05$ 1,233.48$ 2,067.15

PeriodThree months to December 31, 2019 .........................
Three months to March 31, 2020 ................................
Three months to June 30, 2020 ...................................
Three months to September 30, 2020 ........................
Three months to December 31, 2020 .........................
Three months to March 31, 2021 ................................
Three months to June 30, 2021 ...................................
Three months to September 30, 2021 ........................
Three months to December 31, 2021 .........................
Three months to March 31, 2022 ................................
Three months to June 30, 2022 ...................................
Three months to September 30, 2022 ........................

$
$
$
$
$
$
$
$
$
$
$
$

Twelve months ended September 30, 2020 ................
Twelve months ended September 30, 2021 ................
Twelve months ended September 30, 2022 ................
November 12, 2004 to September 30, 2022................
(1)(2)

1,480.96
1,582.80
1,711.13
1,908.56
1,874.23
1,794.01
1,816.48
1,789.52
1,795.25
1,877.16
1,870.58
1,728.91

$
$
$
$
$
$
$
$
$
$
$
$

End ofperiodLastbusinessday(1)

Low

Date

1,452.05
1,474.25
1,576.55
1,771.05
1,762.55
1,683.95
1,726.05
1,723.35
1,753.20
1,788.15
1,809.50
1,634.30

Nov 12, 2019
Mar 19, 2020
Apr 1, 2020
July 1, 2020
Nov 30, 2020
Mar 30, 2021
Apr 1, 2021
Aug 10, 2021
Oct 5, 2021
Jan 28, 2022
May 16, 2022
Sep 27, 2022

$
$
$
$
$
$
$
$
$
$
$
$

1,523.00
1,608.95
1,768.10
1,886.90
1,891.10
1,691.05
1,763.15
1,742.80
1,820.10
1,942.15
1,817.00
1,671.75

Dec 31, 2019(2)Mar 31, 2020
June 30, 2020
Sep 30, 2020
Dec 31, 2020(2)Mar 31, 2021
June 30, 2021
Sep 30, 2021
Dec 31, 2021(2)Mar 31, 2022
June 30, 2022
Sep 30, 2022

Aug 6, 2020
Jan 4, 2021
Mar 8, 2022

$ 1,452.05$ 1,683.95$ 1,634.30

Nov 12, 2019
Mar 30, 2021
Sep 27, 2022

$ 1,886.90$ 1,742.80$ 1,671.75

Sep 30, 2020
Sep 30, 2021
Sep 30, 2022

Aug 6, 2020$

Feb 8, 2005

$ 1,671.75

Sep 30, 2022

411.10The end of period gold price is the LBMA Gold Price PM on the last business day of the period. This is in accordance with the Trust Indenture and the basis used
for calculating the Net Asset Value of the Trust.
There was no LBMA Gold Price PM on the last business day of December 2021, 2020 or 2019. The LBMA Gold Price AM on the last business day of December
2021, 2020 and 2019 was $1,820.10, $1,891.10 and $1,523.00 respectively. The Net Asset Value of the Trust on December 31, 2021, 2020 and 2019 was
calculated using the LBMA Gold Price AM, in accordance with the Trust Indenture.

Item 7A. Quantitative and Qualitative Disclosures about Market Risk
The Trust Indenture does not authorize the Trustee to borrow for payment of the Trust’s ordinary expenses. The Trust does not engage
in transactions in foreign currencies which could expose the Trust or holders of Shares to any foreign currency related market risk.
The Trust does not invest in any derivative financial instruments or long-term debt instruments.
Item 8. Financial Statements and Supplementary Data
See Index to Financial Statements on page F-1 for a list of the financial statements being filed therein.
Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
There have been no changes in accountants and no disagreements with accountants on any matter of accounting principles or practices
or financial statement disclosures during the year ended September 30, 2022.
Item 9A. Controls and Procedures
Conclusion Regarding the Effectiveness of Disclosure Controls and Procedures
The Trust maintains disclosure controls and procedures that are designed to ensure that information required to be disclosed in its
Exchange Act reports is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms,
and that such information is accumulated and communicated to the Principal Executive Officer and Principal Financial andAccounting Officer of the Sponsor, and to the audit committee of the Board of Directors of the Sponsor, as appropriate, to allow
timely decisions regarding required disclosure.
Under the supervision and with the participation of the Principal Executive Officer and the Principal Financial and Accounting Officerof the Sponsor, the Sponsor conducted an evaluation of the Trusts disclosure controls and procedures, as defined under Exchange Act
Rule 13a-15(e). Based on this evaluation, the Principal Executive Officer and the Principal Financial and Accounting Officer of theSponsor concluded that, as of September 30, 2022, the Trust’s disclosure controls and procedures were effective.

32

Change in Internal Control Over Financial Reporting
There was no change in the Trust’s internal controls over financial reporting that occurred during the Trust’s most recently completed
fiscal quarter ended September 30, 2022 that has materially affected, or is reasonably likely to materially affect, these internal
controls.
Management’s Report on Internal Control over Financial Reporting
The Sponsor’s management is responsible for establishing and maintaining adequate internal control over financial reporting, as
defined under Exchange Act Rules 13a-15(f) and 15d-15(f). The Trust’s internal control over financial reporting is a process designed
to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external
purposes in accordance with accounting principles generally accepted in the United States. Internal control over financial reporting
includes those policies and procedures that: (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly
reflect the transactions and dispositions of the Trust’s assets, (2) provide reasonable assurance that transactions are recorded asnecessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that theTrust’s receipts and expenditures are being made only in accordance with appropriate authorizations; and (3) provide reasonableassurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the Trust’s assets that could havea material effect on the financial statements.
Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projectionsof any evaluation of effectiveness to future periods are subject to the risk that controls may become ineffective because of changes in
conditions, or that the degree of compliance with the policies or procedures may deteriorate.
The Principal Executive Officer and Principal Financial and Accounting Officer of the Sponsor assessed the effectiveness of theTrust’s internal control over financial reporting as of September 30, 2022. In making this assessment, they used the criteria set forth by
the Committee of Sponsoring Organizations of the Treadway Commission (COSO) in Internal Control—Integrated Framework(2013). Their assessment included an evaluation of the design of the Trust’s internal control over financial reporting and testing of theoperational effectiveness of its internal control over financial reporting. Based on their assessment and those criteria, the Principal
Executive Officer and Principal Financial and Accounting Officer of the Sponsor concluded that the Trust maintained effective
internal control over financial reporting as of September 30, 2022.
KPMG LLP, the independent registered public accounting firm that audited and reported on the financial statements as of and for theyear ended September 30, 2022 included in this Form 10-K, as stated in their report which is included herein, issued an attestation
report on the effectiveness of the Trust’s internal control over financial reporting as of September 30, 2022.
November 23, 2022

33

Report of Independent Registered Public Accounting Firm
To the Shareholders and the Trustee of SPDR® Gold Trust and the Board of Directors of World Gold Trust Services, LLC:
Opinion on Internal Control Over Financial Reporting
We have audited SPDR® Gold Trust’s (the Trust) internal control over financial reporting as of September 30, 2022, based on criteria
established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of theTreadway Commission. In our opinion, the Trust maintained, in all material respects, effective internal control over financial reporting
as of September 30, 2022, based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committeeof Sponsoring Organizations of the Treadway Commission.
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States)(PCAOB), the statements of financial condition of the Trust, including the schedules of investment, as of September 30, 2022 and
2021, the related statements of operations, cash flows, and changes in net assets for each of the years in the three-year period ended
September 30, 2022, and the related notes (collectively, the financial statements), and our report dated November 23, 2022 expressed
an unqualified opinion on those financial statements.
Basis for Opinion
The management of World Gold Trust Services, LLC (the Trust’s sponsor) is responsible for maintaining effective internal control
over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in theaccompanying Management’s Report on Internal Control over Financial Reporting. Our responsibility is to express an opinion on the
Trust’s internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB andare required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules andregulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit
to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects.
Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting,assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control
based on the assessed risk. Our audit also included performing such other procedures as we considered necessary in the circumstances.
We believe that our audit provides a reasonable basis for our opinion.
Definition and Limitations of Internal Control Over Financial Reporting
An entity’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability offinancial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles. An entity’s internal control over financial reporting includes those policies and procedures that (1) pertain to themaintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of theentity; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements inaccordance with generally accepted accounting principles, and that receipts and expenditures of the entity are being made only inaccordance with authorizations of management and directors of the entity; and (3) provide reasonable assurance regarding prevention
or timely detection of unauthorized acquisition, use, or disposition of the entity’s assets that could have a material effect on thefinancial statements.
Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projectionsof any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in
conditions, or that the degree of compliance with the policies or procedures may deteriorate.
/s/ KPMG LLPNew York, New York
November 23, 2022

34

Item 9B. Other Information
Not applicable.
Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections.
Not applicable.

35

PART III
Item 10.

Directors, Executive Officers and Corporate Governance

The Trust does not have any directors, officers or employees. The following persons, in their respective capacities as directors or
executive officers of the Sponsor, a Delaware limited liability company, perform certain functions with respect to the Trust that, if theTrust had directors or executive officers, would typically be performed by them.
Joseph R. Cavatoni is the Principal Executive Officer and Amanda Krichman is the Principal Financial and Accounting Officer of theSponsor. The Board of Directors of the Sponsor consists of six individuals, of whom five serve on its Audit Committee. The Audit
Committee has the responsibility for overseeing the financial reporting process of the Trust, including the risks and controls of thatprocess and such other oversight functions as are typically performed by an audit committee of a public company.
Joseph R. Cavatoni, age 54, is the Principal Executive Officer of the Sponsor. Mr. Cavatoni is also the Principal Executive Officer of
WGC USA Asset Management Company, LLC, an affiliate of the Sponsor (“WGCAM”), and the Chief Market Strategist (North
America) at World Gold Council, the parent company of the Sponsor (“WGC”). Prior to joining WGC as Managing Director USA and
ETFs in September 2016, from April 2009 to December 2015, Mr. Cavatoni served with BlackRock Investments, LLC, as part ofBlackRock, Inc., a publicly traded investment management firm, first as the head of iShares Capital Markets in Asia Pacific(2009) and as Head of iShares Capital Markets and Product Development in the same region (2009-2011). From November 2011 to
December 2015, Mr. Cavatoni served as a BlackRock Managing Director and Head of iShares Capital Markets, Americas. From
August 2003 to April 2009, Mr. Cavatoni served with UBS Securities Asia Limited, first as Executive Director, Head of Swaps, Asia
(2003-2006) and then as Managing Director, Head of Equity Finance APAC (2006-2009). Prior to that, he served with Merrill
Lynch & Company, Inc. from June 1994 to May 2003 as Senior Credit Analyst, Credit and Risk Management Team in New York(1994-1995), Vice President, Credit and Risk Management Team, Hong Kong (1995-2000) and Director, Head of Prime Brokerage
Asia, Japan and Australia (2000-2003). Mr. Cavatoni received his Bachelor of Business Administration degree from The George
Washington University and his Master of Business Administration degree from Northwestern University and the Hong Kong
University of Science and Technology.
Amanda Krichman, age 31, is the is the Principal Financial and Accounting Officer of the Sponsor. Ms. Krichman is also the Principal
Financial and Accounting Officer of WGCAM and the Funds Chief Operating Officer of WGC. Prior to joining WGC on October 13,
2022, Ms. Krichman was Vice President and Head of US Registered Funds Services at Goldman Sachs Asset Management from
December 2021 to October 2022. Ms. Krichman was Director of ETF Product Development from September 2021 to December 2021,
and Senior Associate of ETF Product Development from December 2018 to September 2021 at New York Life Investments. Prior tothat she held various roles at Goldman Sachs Asset Management from July 2013 to November 2018. Ms. Krichman received her
Bachelor degree from Syracuse University and her Master of Business Administration degree from New York University.
William J. Shea, age 74, has served as Chairman of the Board of Directors of the Sponsor since January 2013 and is a member of theBoard’s Audit Committee. Mr. Shea has also served as a Director on the Board of Directors of WGCAM since January 2017 and is amember of that board’s Audit Committee. He has more than 35 years of experience in the financial services industry and in businessrestructurings. He was elected to the Board of Directors of Caliber ID, Inc. in 2001 and was appointed Chairman in December 2010.
Prior to his appointment to the Board of Caliber ID, he served as Executive Chairman of Royal & Sun Alliance (RSA), USA fromJanuary 2005 to December 2006, and oversaw its divestiture from RSA, a large public insurance company headquartered in the United
Kingdom. From 2001 to 2004, he was Chief Executive Officer of Conseco, Inc., a publicly held diversified insurance and financial
services firm that he guided through the federal bankruptcy and restructuring process. From January 1997 to February 2001, heoversaw the turnaround of Centennial Technologies, Inc., a high technology manufacturing company in the flash memory business.
Mr. Shea served as Vice Chairman of BankBoston Corporation from January 1993 to August 1998. He was the Vice Chairman and a
Senior Partner of Coopers & Lybrand (now PricewaterhouseCoopers), an international public accounting firm, for whom he worked
from June 1974 to December 1992. Mr. Shea sits on the boards of AIG SunAmerica, a mutual funds company, and is Chairman of theBoard of Demoulas Supermarkets, Inc., a privately held retail grocery store chain in New England. He was a board member of Boston
Private Financial Holdings, a public bank holding company, and its related bank from June 2004 to May 2014. Mr. Shea has served on
the boards of the Boston Children’s Hospital, Northeastern University, NASDAQ OMXBX, and the Boston Stock Exchange.
Mr. Shea holds both a Bachelor of Arts degree and a Master of Arts degree in Economics.
The Sponsor has concluded that Mr. Shea should serve as Director because of the knowledge and extensive experience he gained in avariety of leadership roles with different financial institutions and an international public accounting firm, his extensive experience inbusiness restructurings, and the experience he has gained serving as a director of WGCAM.
Molly Duffy, age 53, has served as a Director on the Board of Directors of the Sponsor since April 2022, and is a member of theBoard’s Audit Committee. Ms. Duffy has also served as a Director on the Board of Directors of WGCAM since April 2022 and is amember of that board’s Audit Committee. Ms. Duffy is the Head of Financial Markets, Europe and Americas at Standard Chartered36

Bank. Based in New York, Ms. Duffy leads the strategy and governance of the Europe and Americas regions across Foreign
Exchange, Rates, Credit, Commodities, Debt Capital Markets, Loan Syndication, Leveraged & Acquisition Finance, Project & Export
Finance, Aviation Finance, and Securities Services businesses. In addition, Ms. Duffy is responsible for delivering coordinatedsolutions and senior relationship management to the Bank’s most complex and significant financial institutions and corporate clients
across Europe and Americas. Ms. Duffy is a member of the Global Financial Markets Management Team, UK/Europe Regional
Management Team, and US Management Team. Ms. Duffy is also CEO of the US Broker Dealer, Standard Chartered Securities North
America LLC. Prior to joining Standard Chartered in 2017, Ms. Duffy was a Managing Director in the Global Markets Key AccountManagement Group at Credit Suisse. During her career at Credit Suisse, Ms. Duffy also held several senior production andmanagement roles, including Head of Macro Sales Americas and Head of Global Currencies & Emerging Markets Sales Americas.
Ms. Duffy holds a bachelor’s degree in Political Science from Boston College.
The Sponsor has concluded that Ms. Duffy should serve as Director because of her knowledge and extensive experience in leadershiproles at Standard Chartered Bank and the experience she has gained serving as a director of WGCAM.
Carlos Rodriguez, age 50, has served as a Director on the Board of Directors of the Sponsor since February 2019 and is Chairman of
the Board’s Audit Committee. Mr. Rodriguez has also served as a Director on the Board of Directors of WGCAM since February
2019 and is a member of that board’s Audit Committee. Mr. Rodriguez began his career on Wall Street in the Public Finance
Department of Merrill Lynch in 1996, where he focused on interest rate hedging strategies for municipal clients and non-for-profit
institutions. After working several years covering banking clients, he shifted his focus to trading, where he rose to manage Merrill
Lynch’s proprietary municipal investments portfolio until December 2000. Mr. Rodriguez has since worked at WestLB, from
December 2000 to May 2003, where he managed the bank’s complex guaranteed reinvestment contract business, and BNP Paribas,
from May 2003 to May 2004, where he served as Director and Head of Municipals. From May 2004 to August 2010, Mr. Rodriguez
served as Director and Managing Director of Deutsche Bank and worked to establish the bank’s public finance efforts. As Managing
Director, Mr. Rodriguez subsequently led Credit Suisse’s global rates structuring effort in London from August 2010 until June 2016.
Mr. Rodriguez retired from banking in June 2016, and remained retired until March 2017, when he launched a private equity fund that
focuses on lower middle market companies. He also devotes his time to personal investing as well as volunteering for local causes andmentoring local entrepreneurs.
The Sponsor has concluded that Mr. Rodriguez should serve as Director because of the knowledge and extensive experience he gainedin a variety of leadership roles different financial institutions and the experience he has gained serving as a director of WGCAM.
Sara J. Sprung, age 60, has served as a Director on the Board of Directors of the Sponsor since April 2022, and is a member of theBoard’s Audit Committee. Ms. Sprung has also served as a Director on the Board of Directors of WGCAM since April 2022 and is amember of that board’s Audit Committee. Ms. Sprung has served as member of the board of directors of DWS Ag, USA since 2018
and is chair of the risk committee and a member of the audit committee. Ms. Sprung has over 30 years’ experience in financial
services, including as a global macro portfolio manager at Moore Capital, Fortress Investment Group and JP Morgan. Ms. Sprung
acted as Chief Risk Officer of the Fortress Global Macro Fund for two years from 2006 to 2008 and Head of Risk and Strategy for thehedge fund business at Neuberger Berman from 2012 to 2016. Ms. Sprung’s product expertise includes fixed income, mortgage andasset backed securities, equities, currencies, derivatives, structured derivatives, quantitative investing, real estate and commodities.
Ms. Sprung holds a Bachelor of Science from the Massachusetts Institute of Technology in Management Science.
The Sponsor has concluded that Ms. Sprung should serve as Director because of her extensive experience in financial services atvarious financial institutions and the experience she has gained serving as a director of DWS Ag, USA and WGCAM.
David Tait, age 60, has served as a Director on the Board of Directors of the Sponsor and WGCAM since February 25, 2019. Mr. Taithas also served as the Chief Executive Officer of WGC since January 2019. Prior to joining WGC, Mr. Tait served as Executive
Producer with EMU Films from April 2016 to January 2019. Mr. Tait served as the Global Head of Fixed Income Macro Products at
Credit Suisse from January 2012 until April 2016. Mr. Tait also served as a Managing Director of Union Bank of Switzerland from
October 2009 until December 2011. He is currently an Independent Member of the Bank of England’s FICC Market Standards Board,which he joined in July 2017. Mr. Tait is also a major supporter of the National Society for the Prevention of Cruelty to Children andhas raised over £1 million by climbing Mount Everest on five occasions. He was awarded an MBE by the Queen for his services to thecharity.
The Sponsor has concluded that Mr. Tait should serve as Director because of the knowledge and extensive experience he gained in avariety of leadership roles different financial institutions and the experience he has gained serving as the Chief Executive Officer ofWorld Gold Council and director of WGCAM.

37

Neal Wolkoff, age 67, has served as a Director on the Board of Directors of the Sponsor since January 2013, and is a member of theBoard’s Audit Committee. Mr. Wolkoff has also served as a Director on the Board of Directors of WGCAM since January 2017 and isa member of that board’s Audit Committee. Mr. Wolkoff is the founder and CEO of Wolkoff Consulting Services, LLC. Previously,from October 2008 to February 2012 he served as the Chief Executive Officer of ELX Futures, L.P., founded by major dealer banks
and trading firms to compete in the area of interest rate futures. From April 2005 to October 2008 Mr. Wolkoff served as Chairman
and Chief Executive Officer of the American Stock Exchange (AMEX). Prior to the AMEX, for over 20 years, Mr. Wolkoff held
several senior level officer positions at the New York Mercantile Exchange (NYMEX) including Acting President, Executive Vice
President and Chief Operating Officer, and Senior Vice President for Regulation and Clearing, in which position Mr. Wolkoff was theexchange’s chief regulatory officer. Mr. Wolkoff started his career as an Honors Program Trial Attorney in the Division of
Enforcement of the Commodity Futures Trading Commission. He was appointed to the Board of OTC Markets Group in September
2012 and in November 2013 became the non-executive Chairman of that board. Mr. Wolkoff has also served on the Board of
Directors and Executive Committee of the National Futures Association. Mr. Wolkoff received a Bachelor of Arts degree and a Juris
Doctor degree and is a member of the Bar of the State of New York.
The Sponsor has concluded that Mr. Wolkoff should serve as Director because of the knowledge and extensive experience he gainedin a variety of leadership roles at a major stock exchange and futures exchange, the experience he gained as a trial attorney, his
extensive experience as a director on other boards, and the experience he has gained serving as a director of WGCAM.
The Sponsor has a code of ethics (the “Code of Ethics”) that applies to its executive officers and agents, including its Principal
Executive Officer andPrincipal Financial and Accounting Officer, who perform certain functions with respect to the Trust that, if the Trust had executive
officers would typically be performed by them. The Code of Ethics is available by writing the Sponsor at 685 Third Avenue, 27th
Floor, New York, NY 10017 or calling the Sponsor at (212) 317-3800. The Sponsor’s Code of Ethics is intended to be a codificationof the business and ethical principles that guide the Sponsor, and to deter wrongdoing, to promote honest and ethical conduct, to avoid
conflicts of interest, and to foster compliance with applicable governmental laws, rules and regulations, the prompt internal reportingof violations and accountability for adherence to this code.
Item 11.

Executive Compensation

Not applicable.
Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
Securities Authorized for Issuance under Equity Compensation Plans and Related Stockholder Matters
Not applicable.
Security Ownership of Certain Beneficial Owners and Management
Not applicable.
Item 13. Certain Relationships and Related Transactions and Director Independence
Not applicable.
Item 14.

Principal Accounting Fees and Services

Our independent registered public accounting firm is KPMG, LLP, New York, NY, Auditor Firm ID: 185
Fees for services performed by KPMG LLP for the years ended September 30, 2022 and 2021 were:Years Ended September 30,
2022

2021

Audit fees ......................................................................................... $Audit-related fees .............................................................................

352,000
117,000$

330,000
98,000Total ................................................................................................. $469,000$

428,000

38

In the table above, in accordance with the SEC’s definitions and rules, Audit Fees are fees paid to KPMG LLP for professional
services for the audit of the Trust’s financial statements included in the annual report on Form 10-K and review of financial statements
included in the quarterly reports on Form 10-Q, and for services that are normally provided by the accountants in connection withregulatory filings or engagements. Audit Related Fees are fees for assurance and related services that are reasonably related to theperformance of the audit or review of the Trust’s financial statements. As our Shares are also listed on the Hong Kong Exchanges andClearing Limited, KPMG LLP is a Public Interest Entity Auditor recognized in accordance with the Financial Reporting Council
Ordinance.
Pre-Approved Policies and Procedures
The Trust has no board of directors, and as a result, has no audit committee or pre-approval policy with respect to fees paid to its
principal accounting firm. Such determinations, including for the fiscal year ended September 30, 2022, are made by the Sponsor’s
Board of Directors and Audit Committee.

39

PART IV
Item 15.

Exhibits and Financial Statements Schedules

1. Financial Statements
See Index to Financial Statements on Page F-1 for a list of the financial statements being filed herein.
2. Financial Statement Schedules
Schedules have been omitted since they are either not required, not applicable, or the information has otherwise been included.
3.

Exhibits
Exhibit
NumberExhibit Description

Incorporated by Reference
Form

ExhibitFiling Date/Period
End Date

4.1

Trust Indenture dated November 12, 2004.

10-K

4.1

9/30/07

4.1.1

Amendment No. 1 to Trust Indenture dated November 26, 2007.

8-K

4.1

12/13/07

4.1.2

Amendment No. 2 to Trust Indenture dated May 20, 2008.

10-K

4.1.2

9/30/08

4.1.3

Amendment No. 3 to Trust Indenture dated June 1, 2011.

8-K

4.1

6/1/11

4.1.4

Amendment No. 4 to Trust Indenture dated June 18, 2014.

8-K

4.1

6/19/14

4.1.5

Amendment No. 5 to Trust Indenture dated March 20, 2015.

8-K

4.1.5

3/20/15

4.1.6

Amendment No. 6 to Trust Indenture dated April 14, 2015.

8-K

4.1.6

7/14/15

4.1.7

Amendment No. 7 to Trust Indenture dated September 5, 2017.

8-K

4.1.7

9/11/17

4.1.8

Amendment No. 8 to Trust Indenture dated February 6, 2020.

10-Q

4.1.8

2/7/204.2

Form of Participant Agreement.

S-1

4.2

11/8/04

4.2.1

Amendment No. 1 to Participant Agreements.

8-K

4.2

12/13/07

4.2.2

Amendment No. 2 to Participant Agreements dated May 20, 2008.

10-K

4.2.2

9/30/08

4.2.3

Amendment No. 3 to Participant Agreements dated July 18, 2014.

8-K

4.2.3

7/22/14

4.2.4

Amendment No. 4 to Participant Agreements dated September 5,
2017.

10-K

4.2.4

9/30/17

4.2.5

Amendment No. 5 to Participant Agreements dated May 10, 2022.

S-3

4.2.5

9/20/22

4.3

Sponsor Payment and Reimbursement Agreement dated
November 12, 2004.

10-K

4.3

9/30/07

4.4*

Description of the Securities Registered under Section 12 of the
Securities Exchange Act of 193440

Exhibit
NumberExhibit Description

Incorporated by Reference
Form

10.1

Third Amended and Restated Allocated Bullion AccountAgreement dated August 18, 2020.

Filing Date/Period
End Date

10.1

8/18/20

Deed of Amendment to the Third Amended and Restated AllocatedBullion Account Agreement dated April 29, 2022.
8-K

10.1.1

5/16/22

Second Amended and Restated Unallocated Bullion AccountAgreement dated July 17, 2015.

8-K

10.2

7/17/15

10.3

Form of Participant Unallocated Bullion Account Agreement.

S-1

4.2 (Attachment B)

11/8/04

10.3.1

Form of Amendment to Participant Unallocated Bullion AccountAgreement dated November 26, 2007.

10-K

10.3.1

9/30/08

Form of Amendment No. 2 to Participant Unallocated Bullion
Account Agreement effective May 20, 2008.

S-3

10.3.1

5/20/08

10.4

Depository Agreement dated November 11, 2004.

10-K

10.4

9/30/07

10.5

License Agreement

S-1

10.5

9/26/03

10.6

Amended and Restated Marketing Agent Agreement dated July 17,
2015.
8-K

10.6

7/17/15First Amendment to the Amended and Restated Marketing Agent
Agreement dated May 4, 2018.

10-Q

10.6.1

8/7/18

10.8

WGC/WGTS License Agreement dated November 16, 2004.

10-K

10.8

9/30/0710.8.1

Amendment No. 1 to WGC/WGTS License Agreement dated
May 20, 2008.

10-K

10.8.1

9/30/08

Marketing Agent Reimbursement Agreement dated November 16,
2004.

10-K

10.10

9/30/07

10.12

SPDR Sublicense Agreement dated May 20, 2008.

10-K

10.12

9/30/08

10.13

Novation Agreement dated June 4, 2014.

8-K

10.13

11/21/14

23.1*

Consent of KPMG LLP.

23.2*

Consent of Carter Ledyard & Milburn LLP.

31.1*

Certification of Principal Executive Officer Pursuant to Rule 13a14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as
amended.

31.2*

Certification of Principal Financial and Accounting Officer
Pursuant to Rule 13a-14(a) and 15d-14(a) under the Securities
Exchange Act of 1934, as amended.

32.1*

Certification of Principal Executive Officer Pursuant to
Section 1350 of the Sarbanes-Oxley Act of 2002.

32.2*

Certification of Principal Financial and Accounting Officer
Pursuant to Section 1350 of the Sarbanes-Oxley Act of 2002.

10.1.1
10.2

10.3.210.6.1

10.10

41

S-3

ExhibitExhibit
NumberExhibit Description

Incorporated by Reference
Form

101.INS*

Inline XBRL Instance Document

101.SCH*

Inline XBRL Taxonomy Extension Schema Document

101.CAL*

Inline XBRL Taxonomy Extension Calculation Linkbase Document

101.DEF*

Inline XBRL Taxonomy Extension Definition Linkbase Document

101.LAB*

Inline XBRL Taxonomy Extension Label Linkbase Document

101.PRE*

Inline XBRL Taxonomy Extension Presentation Linkbase Document

104.1

Cover Page Interactive Data File – The cover page interactive data
file does not appear in the interactive data file because its XBRL tags
are embedded within the inline XBRL document.

* Filed herewith.
Item 16. Form 10-K Summary.
Not applicable.

42

ExhibitFiling Date/Period
End Date

SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its
behalf by the undersigned in the capacities* indicated thereunto duly authorized.
WORLD GOLD TRUST SERVICES, LLC
Sponsor of the SPDR® Gold Trust(Registrant)/s/ Joseph R. Cavatoni
Joseph R. Cavatoni
Principal Executive Officer*/s/ Amanda Krichman
Amanda Krichman
Principal Financial and Accounting Officer*/s/ William J. Shea
William J. Shea
Director*/s/ Molly Duffy
Molly Duffy
Director*/s/ Carlos Rodriguez
Carlos Rodriguez
Director*/s/ Sara J. Sprung
Sara J. Sprung
Director*/s/ David TaitDavid Tait
Director*/s/ Neal Wolkoff
Neal Wolkoff
Director*
Date: November 23, 2022
* The registrant is a trust and the persons are signing in their capacities as officers or directors of World Gold Trust Services, LLC,
the Sponsor of the registrant.

SPDR® GOLD TRUSTFINANCIAL STATEMENTS AS OF SEPTEMBER 30, 2021
INDEX
Page

Report of Independent Registered Public Accounting Firm ........................................................................................................
Statements of Financial Condition at September 30, 2022 and 2021...........................................................................................
Schedules of Investment at September 30, 2022 and 2021 .........................................................................................................
Statements of Operations for the years ended September 30, 2022, 2021 and 2020 ...................................................................
Statements of Cash Flows for the years ended September 30, 2022, 2021 and 2020 ..................................................................
Statements of Changes in Net Assets for the years ended September 30, 2022, 2021 and 2020 .................................................
Notes to the Financial Statements ................................................................................................................................................

F-1

F-2
F-4
F-5
F-6
F-7
F-8
F-9

Report of Independent Registered Public Accounting Firm
To the Shareholders and the Trustee of SPDR® Gold Trust and the Board of Directors of World Gold Trust Services, LLC:
Opinion on the Financial Statements
We have audited the accompanying statements of financial condition of SPDR® Gold Trust (the Trust), including the schedules ofinvestment, as of September 30, 2022 and 2021, the related statements of operations, cash flows, and changes in net assets for each of
the years in the three-year period ended September 30, 2022 and the related notes (collectively, the financial statements). In our
opinion, the financial statements present fairly, in all material respects, the financial position of the Trust as of September 30, 2022
and 2021, and the results of its operations, its cash flows, and changes in its net assets for each of the years in the three-year period
ended September 30, 2022, in conformity with U.S. generally accepted accounting principles.
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States)(PCAOB), the Trust’s internal control over financial reporting as of September 30, 2022, based on criteria established in Internal
Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission, and ourreport dated November 23, 2022 expressed an unqualified opinion on the effectiveness of the Trust’s internal control over financial
reporting.
Basis for Opinion
These financial statements are the responsibility of World Gold Trust Services, LLC (the Trust’s sponsor). Our responsibility is toexpress an opinion on these financial statements based on our audits. We are a public accounting firm registered with the PCAOB andare required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules andregulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit
to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due toerror or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence
regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles usedand significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believethat our audits provide a reasonable basis for our opinion.
Critical Audit Matter
The critical audit matter communicated below is a matter arising from the current period audit of the financial statements that wascommunicated or required to be communicated to the audit committee and that: (1) relates to accounts or disclosures that are material
to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of a
critical audit matter does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, bycommunicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts ordisclosures to which it relates.
Evaluation of the evidence pertaining to the existence of the gold holdings
As disclosed in the schedule of investment, as of September 30, 2022, the Trust’s market value of gold holdings was $50.7
billion, representing 100% of the Trust’s total assets. All of the gold holdings, which were 30.3 million ounces as of
September 30, 2022, were held by a third-party custodian (the custodian).
We identified the evaluation of the evidence pertaining to the existence of the gold holdings as a critical audit matter. Given thenature and volume of the gold holdings, subjective auditor judgment was required to evaluate the extent and nature of evidence
obtained to assess the quantity of gold held by the custodian as of September 30, 2022.

F-2

The following are the primary procedures we performed to address this critical audit matter. We evaluated the design and tested
the operating effectiveness of certain internal controls over the Trust’s gold holdings process, including controls over (1) thecomparison of the Trust’s records of gold held to the custodian’s records and (2) the approval of gold deposits and withdrawals
by the trustee of the Trust. We obtained a schedule directly from the custodian of the Trust’s gold holdings held by the custodian
as of September 30, 2022. We compared the total ounces on such schedule to the Trust’s record of gold holdings. We also
attended and observed part of the physical count of the Trust’s gold holdings performed at the custodian’s location by a third
party engaged by the Trust’s sponsor. We obtained the physical count result of that third party and reconciled it to both theTrust’s and the custodian’s records.
/s/ KPMG LLP
We have served as the Trust’s auditor since 2010.
New York, New York
November 23, 2022

F-3

SPDR® GOLD TRUSTStatements of Financial Condition
at September 30, 2022 and 2021
Sep-30, 2022

(Amounts in 000’s of US$ except for share and per share data)

ASSETS
Investments in Gold, at fair value (cost $49,274,427 and $49,227,344 at September 30, 2022 and
2021, respectively) ....................................................................................................................... $Total Assets...................................................................................................................................... $LIABILITIES
Accounts payable to Sponsor ............................................................................................................ $Gold payable .....................................................................................................................................

Sep-30, 2021

50,693,257 $

55,474,023

50,693,257 $

55,474,023

17,074 $
185,723

18,749—Total Liabilities ............................................................................................................................... $202,797 $

18,749Net Assets ......................................................................................................................................... $50,490,460 $

55,455,274

Shares issued and outstanding(1) ........................................................................................................
324,300,000
340,300,000
Net asset value per Share .................................................................................................................. $155.69 $162.96(1)

Authorized share capital is unlimited and the par value of the Shares is $0.00.

See notes to the financial statements.

F-4

SPDR® GOLD TRUST
Schedules of Investment(Amounts in 000’s except for percentages)
September 30, 2022

Ounces of gold

Cost

Fair Value% of Net Assets

Investment in Gold....................................................................

30,323.5 $ 49,274,427 $ 50,693,257

100.40%Total Investment .......................................................................
Liabilities in excess of other assets ...........................................

$ 49,274,427 $ 50,693,257(202,797)

100.40%(0.40)%Net Assets .................................................................................

$ 50,490,460

100.00%

September 30, 2021

Ounces of gold

Cost

Fair Value% of Net Assets

Investment in Gold....................................................................

31,830.4 $ 49,227,344 $ 55,474,023

100.03%

Total Investment .......................................................................
Liabilities in excess of other assets ...........................................

$ 49,227,344 $ 55,474,023(18,749)

100.03%(0.03)%Net Assets .................................................................................

$ 55,455,274

100.00%See notes to the financial statements.

F-5

SPDR® GOLD TRUSTStatements of Operations
For the years ended September 30, 2022, 2021, and 2020
Year Ended
Sep-30, 2022

(Amounts in 000’s of US$, except per share data)

Year Ended
Sep-30, 2021

Year Ended
Sep-30, 2020

EXPENSES
Sponsor fees ............................................................................................................... $238,497

Total expenses............................................................................................................

238,497

257,595

225,630

Net investment loss ....................................................................................................

(238,497)(257,595)(225,630)

Net realized and change in unrealized gain/(loss) on investment in gold
Net realized gain/(loss) from investment in gold sold to pay expenses .....................
Net realized gain/(loss) from gold distributed for the redemption of shares ..............
Net change in unrealized gain/(loss) on investment in gold ......................................

30,3232,091,493(4,827,849)

43,413
4,455,284(9,987,571)

37,273
2,138,221
11,134,064

Net realized and change in unrealized gain/(loss) on investment in gold ..................

(2,706,033)(5,488,874)

13,309,558$

257,595$

225,630

Net income/(loss) ...................................................................................................... $ (2,944,530) $ (5,746,469) $ 13,083,928
Net income/(loss) per share ....................................................................................... $Weighted average number of shares (in 000’s) ..........................................................
See notes to the financial statements.

F-6(8.39) $350,920(15.25) $376,93136.89
354,701

SPDR® GOLD TRUSTStatements of Cash Flows
For the years ended September 30, 2022, 2021, and 2020
Year Ended
Sep-30, 2022

(Amounts in 000’s of US$)Year Ended
Sep-30, 2021

Year Ended
Sep-30, 2020

INCREASE/DECREASE IN CASH FROM OPERATIONS:
Cash proceeds received from sales of gold ............................................................. $Cash expenses paid .................................................................................................

240,172 $(240,172)

264,295 $(264,295)

Increase/(Decrease) in cash resulting from operations ...........................................
Cash and cash equivalents at beginning of period ..................................................

—
—

—
—

Cash and cash equivalents at end of period ............................................................ $—$214,422(214,422)
—
—

—

$

—

SUPPLEMENTAL DISCLOSURE OF NON-CASH FINANCING
ACTIVITIES:
Value of gold received for creation of shares-net of change in gold receivable ..... $ 17,115,534$ 11,694,069$

32,600,221

Value of gold distributed for redemption of shares-net of change in gold payable ....... $ 18,950,095$ 27,444,877$

12,886,597

Year Ended
Sep-30, 2022

(Amounts in 000’s of US$)RECONCILIATION OF NET INCOME/(LOSS) TO NET CASHPROVIDED BY OPERATING ACTIVITIESNet income/(loss) .................................................................................................... $Adjustments to reconcile net income/(loss) to net cash provided by operating
activities:
Proceeds from sales of gold to pay expenses ..........................................................
Net realized (gain)/loss from investment in gold sold to pay expenses ..................
Net realized (gain)/loss from gold distributed for the redemption of shares ...........
Net change in unrealized (gain)/loss on investment in gold ...................................
Increase/(Decrease) in accounts payable to Sponsor ..............................................
Net cash provided by operating activities ............................................................... $See notes to the financial statements.

F-7

Year Ended
Sep-30, 2021

Year Ended
Sep-30, 2020

(2,944,530) $(5,746,469) $13,083,928

240,172(30,323)(2,091,493)
4,827,849(1,675)264,295(43,413)(4,455,284)
9,987,571(6,700)214,422(37,273)(2,138,221)(11,134,064)
11,208

—

$

—

$

—

SPDR® GOLD TRUSTStatements of Changes in Net Assets
For the years ended September 30, 2022, 2021, and 2020
Year Ended
Sep-30, 2022

(Amounts in 000’s of US$)Year Ended
Sep-30, 2021

Year Ended
Sep-30, 2020

Net Assets - Opening Balance ............................................................................. $ 55,455,274 $ 76,952,551 $ 43,959,000
Creations ..............................................................................................................
17,115,534
11,694,069
32,600,221
Redemptions ........................................................................................................
(19,135,818)(27,444,877)(12,690,598)
Net investment loss ..............................................................................................
(238,497)(257,595)(225,630)
Net realized gain/(loss) from investment in gold sold to pay expenses ...............
30,32343,41337,273
Net realized gain/(loss) from gold distributed for the redemption of shares ........
2,091,493
4,455,284
2,138,221
Net change in unrealized gain/(loss) on investment in gold ................................
(4,827,849)(9,987,571)
11,134,064
Net Assets - Closing Balance ............................................................................... $See notes to the financial statements.

F-8

50,490,460$

55,455,274$

76,952,551

Notes to the Financial Statements
1.

Organization

The SPDR® Gold Trust (the “Trust”) is an investment trust formed on November 12, 2004 under New York law pursuant to a trust
indenture (the “Trust Indenture”). The fiscal year end for the Trust is September 30th. The Trust holds gold and is expected from time
to time to issue shares (“Shares”) (in minimum denominations of 100,000 Shares, also referred to as “Baskets”) in exchange fordeposits of gold and to distribute gold in connection with redemption of Baskets. The investment objective of the Trust is for the
Shares to reflect the performance of the price of gold bullion, less the Trust’s expenses. World Gold Trust Services, LLC is thesponsor of the Trust (the “Sponsor”). BNY Mellon Asset Servicing, a division of The Bank of New York Mellon, is the trustee of theTrust (the “Trustee”). State Street Global Advisors Funds Distributors, LLC is the marketing agent of the Trust (the “Marketing
Agent”). HSBC Bank plc is the custodian of the Trust (the “Custodian”).
The Shares trade on the NYSE Arca, Inc. (the “NYSE Arca”) under the symbol “GLD”, providing investors with an efficient means to
obtain market exposure to the price of gold bullion. The Shares are also listed on the Hong Kong Exchanges and Clearing Limited, theMexican Stock Exchange (Bolsa Mexicana de Valores), the Singapore Exchange Limited and the Tokyo Stock Exchange.
The Trustee does not actively manage the gold held by the Trust. This means that the Trustee does not sell gold at times when its priceis high or acquire gold at low prices in the expectation of future price increases. It also means that the Trustee does not make use of
any of the hedging techniques available to professional gold investors to attempt to reduce the risk of losses resulting from pricedecreases. Any losses sustained by the Trust will adversely affect the value of the Shares.
2.

Significant Accounting Policies

The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America(“U.S. GAAP”) requires those responsible for preparing financial statements to make estimates and assumptions that affect thereported amounts and disclosures. Actual results could differ from those estimates. The following is a summary of significant
accounting policies followed by the Trust.
2.1. Basis of Accounting
For accounting purposes only, the Trust is an investment company and, therefore, applies the specialized accounting and reporting
guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946, Financial
Services—Investment Companies. The Trust is not registered as an investment company under the Investment Company Act of 1940,
as amended.
2.2. Fair Value Measurement
FASB Accounting Standards Codification Topic 820, Fair Value Measurements and Disclosures, provides a single definition of fairvalue, a hierarchy for measuring fair value and expanded disclosures about fair value adjustments.
The Trust does not hold any derivative instruments, and its assets only consist of allocated gold bullion and, from time to time, (i) gold
receivable, representing gold covered by contractually binding orders for the creation of Shares where the gold has not yet beentransferred to the Trust’s account and (ii) cash, which is used to pay expenses.
U.S. GAAP defines fair value as the price the Trust would receive to sell an asset or pay to transfer a liability in an orderly transaction
between market participants at the measurement date. The Trust’s policy is to value its investments at fair value.
Various inputs are used in determining the fair value of assets and liabilities. Inputs may be based on independent market data(“observable inputs”) or they may be internally developed (“unobservable inputs”). These inputs are categorized into a disclosure
hierarchy consisting of three broad levels for financial reporting purposes. The level of a value determined for an asset or liability
within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement in its entirety.
The three levels of the fair value hierarchy are as follows:
Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities;
Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or
indirectly, including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or
liabilities in markets that are not considered to be active, inputs other than quoted prices that are observable for the asset or liability
and inputs that are derived principally from or corroborated by observable market data by correlation or other means; andLevel 3 – Inputs that are unobservable for the asset or liability, including the Trust’s assumptions used in determining the fairvalue of investments.
F-9

The following table summarizes the Trust’s investments at fair value:(Amounts in 000’s of US$)
September 30, 2022

Level 1

Investment in Gold ................................................................................ $50,693,257 $— $—Total ...................................................................................................... $50,693,257 $— $—(Amounts in 000’s of US$)
September 30, 2021

Level 1

Investment in Gold ................................................................................ $55,474,023 $— $—Total ...................................................................................................... $55,474,023 $— $—Level 2

Level 2

Level 3

Level 3

There were no transfers between Level 1 and other Levels for the years ended September 30, 2022 and 2021.
The Trustee values the gold held by the Trust on the basis of the price of an ounce of gold as determined by the ICE Benchmark
Administration Limited (“IBA”), a benchmark administrator, which provides an independently administered auction process as well as
the overall administration and governance for the London Bullion Market Association (“LBMA”). In determining the net asset value(“NAV”) of the Trust, the Trustee values the gold held by the Trust on the basis of the price of an ounce of gold determined by the
IBA 3:00 PM auction process (“LBMA Gold Price PM”), which is an electronic auction, with the imbalance calculated, and the priceadjusted in rounds (30 seconds in duration). The auction runs twice daily at 10:30 AM and 3:00 PM London time. The Trustee
determines the NAV of the Trust on each day the NYSE Arca is open for regular trading, at the earlier of the LBMA Gold Price PM
for the day or 12:00 PM New York time. If no LBMA Gold Price is made on a particular evaluation day or if the LBMA Gold Price
has not been announced by 12:00 PM New York time on a particular evaluation day, the next most recent LBMA Gold Price (AM orPM) is used in the determination of the NAV of the Trust, unless the Trustee, in consultation with the Sponsor, determines that such a
price is inappropriate to use as the basis for such determination.
2.3. Custody of Gold
Gold is held by the Custodian on behalf of the Trust, 100% of which is allocated gold in the form of good delivery gold bars. A
current list of all gold held by the Custodian, including any held with a subcustodian is available on the sponsor’s website atwww.spdrgoldshares.com.
2.4. Gold Receivable
Gold receivable represents the quantity of gold covered by contractually binding orders for the creation of Shares where the gold has
not yet been transferred to the Trust’s account. Generally, ownership of the gold is transferred within two business days of the tradedate.
(Amounts in 000’s of US$)

Sep-30, 2022

Gold receivable ................................................................................... $— $Sep-30, 2021—

2.5. Gold Payable
Gold payable represents the quantity of gold covered by contractually binding orders for the redemption of Shares where the gold has
not yet been transferred out of the Trust’s account. Generally, ownership of the gold is transferred within two business days of the
trade date.
(Amounts in 000’s of US$)

Sep-30, 2022

Gold payable ....................................................................................... $185,723 $Sep-30, 2021—

2.6. Creations and Redemptions of Shares
The Trust creates and redeems Shares from time to time, but only in one or more Baskets (a Basket equals a block of 100,000 Shares).
The Trust issues Shares in Baskets to certain authorized participants (“Authorized Participants”) on an ongoing basis. The creation andredemption of Baskets is only made in exchange for the delivery to the Trust or the distribution by the Trust of the amount of gold andany cash represented by the Baskets being created or redeemed, the amount of which will be based on the combined net asset value ofthe number of Shares included in the Baskets being created or redeemed determined on the day the order to create or redeem Baskets
is properly received.
F-10

As the Shares of the Trust are redeemable in Baskets at the option of the Authorized Participants, the Trust has classified the Shares as
Net Assets for financial reporting purposes. Activity in the number and value of Shares created and redeemed for the years ended
September 30, 2022, 2021 and 2020 are as follows:Year Ended
Sep-30, 2022

(Amounts are in 000’s)

Year Ended
Sep-30, 2021

Year Ended
Sep-30, 2020

Activity in Number of Shares Created andRedeemed:
Creations ......................................................................
Redemptions ................................................................

97,800(113,800)

67,500(161,600)

201,800(81,400)

Net Change in Number of Shares Created andRedeemed................................................................

(16,000)(94,100)

120,400(Amounts in 000’s of US$)Year Ended
Sep-30, 2022

Year Ended
Sep-30, 2021

Year Ended
Sep-30, 2020

Activity in Value of Shares Created andRedeemed:
Creations ...................................................................... $Redemptions ................................................................

17,115,534 $(19,135,818)

11,694,069 $(27,444,877)

32,600,221(12,690,598)

Net change in Value of Shares Created and Redeemed $(2,020,284) $(15,750,808) $19,909,623

2.7. Income and Expense (Amounts in 000’s of US$)The Trustee will, at the direction of the Sponsor or in its own discretion, sell the Trust’s gold as necessary to pay the Trust’s expenses.
When selling gold to pay expenses, the Trustee will endeavor to sell the smallest amount of gold needed to pay expenses in order tominimize the Trust’s holdings of assets other than gold. Unless otherwise directed by the Sponsor, the Trustee will sell gold to theCustodian at the next LBMA Gold Price PM following the sale order. A gain or loss is recognized based on the difference between the
selling price and the average cost of the gold sold, and such amounts are reported as net realized gain/(loss) from investment in gold
sold to pay expenses on the Statements of Operations.
The Trust’s net realized and change in unrealized gain/(loss) on investment in gold for the year ended September 30, 2022 of$(2,706,033) is made up of a realized gain of $30,323 from the sale of gold to pay expenses, a realized gain of $2,091,493 from gold
distributed for the redemption of Shares, and a change in unrealized loss of $4,827,849 on investment in gold.
The Trust’s net realized and change in unrealized gain/(loss) on investment in gold for the year ended September 30, 2021 of$(5,488,874) is made up of a net realized gain of $43,413 from the sale of gold to pay expenses, a net realized gain of $4,455,284 fromgold distributed for the redemption of Shares, and a change in unrealized depreciation of $9,987,571 on investment in gold.
2.8. Income Taxes
The Trust is classified as a “grantor trust” for U.S. federal income tax purposes. As a result, the Trust itself will not be subject to U.S.
federal income tax. Instead, the Trust’s income and expenses will “flow through” to the Shareholders, and the Trustee will report theTrust’s proceeds, income, deductions, gains, and losses to the Internal Revenue Service on that basis. The Sponsor of the Trust has
evaluated whether or not there are uncertain tax positions that require financial statement recognition and has determined that noreserves for uncertain tax positions are required as of September 30, 2022 or 2021.
The Sponsor evaluates tax positions taken or expected to be taken in the course of its tax treatment, and its tax reporting to its
shareholders, of these positions to determine whether the tax positions are “more-likely-than-not” to be sustained by the applicable tax
authority. Tax positions not deemed to meet that threshold would be recorded as an expense in the current year. The Trust is required
to analyze all open tax years. Open tax years are those years that are open for examination by the relevant income taxing authority. As
of September 30, 2022, the 2021, 2020, and 2019 tax years remain open for examination. There were no examinations in progress at
period end.

F-11

3.

Quarterly Statements of Operations

Fiscal Period Ended September 30, 2022
(Amounts in 000’s of US$, except per share data)

Three Months Ended (unaudited)
Dec 31, 2021

Mar 31, 2022

Jun 30, 2022

Sep 30, 2022

Year Ended
Sep 30, 2022

EXPENSES
Sponsor fees ........................................................... $57,105 $61,058 $64,772 $55,562 $238,497
Total expenses........................................................
57,10561,05864,77255,562
238,497
Net investment loss ................................................
(57,105)(61,058)(64,772)(55,562)(238,497)
Net realized and change in unrealized
gain/(loss) on investment in gold
Net realized gain/(loss) from investment in gold
sold to pay expenses ..........................................
7,317
8,878
9,851
4,277
30,323
Net realized gain/(loss) from gold distributed forthe redemption of shares ...................................
302,742440,331924,875
423,545
2,091,493
Net change in unrealized gain/(loss) on
investment in gold .............................................
2,093,694
3,535,070(5,329,581)(5,127,032)(4,827,849)
Net realized and change in unrealized gain/(loss)
on investment in gold ........................................
2,403,753
3,984,279(4,394,855)(4,699,210)(2,706,033)
Net income/(loss) .................................................. $ 2,346,648$ 3,923,221$ (4,459,627) $ (4,754,772) $ (2,944,530)

Net income/(loss) per share ................................... $$$Weighted average number of shares (in 000’s) ......

6.95
337,516

Fiscal Period Ended September 30, 2021
(Amounts in 000’s of US$, except per share data)

11.09
353,898(12.01) $(13.93) $371,198

341,353(8.39)
350,920Three Months Ended (unaudited)
Dec 31, 2020

Mar 31, 2021

Jun 30, 2021

Sep 30, 2021

Year Ended
Sep 30, 2021

EXPENSES
Sponsor fees .......................................................... $74,531 $63,969 $60,114 $58,981 $257,595
Total expenses.......................................................
74,531
63,96960,11458,981
257,595
Net investment loss ...............................................
(74,531)(63,969)(60,114)(58,981)(257,595)
Net realized and change in unrealized
gain/(loss) on investment in gold
Net realized gain/(loss) from investment in gold
sold to pay expenses .........................................
15,29910,3679,137
8,610
43,413
Net realized gain/(loss) from gold distributed forthe redemption of shares ..................................
1,667,498
1,713,199
495,949
578,638
4,455,284
Net change in unrealized gain/(loss) on
investment in gold ............................................
(1,659,393)(8,950,053)
1,814,442(1,192,567)(9,987,571)
Net realized and change in unrealized gain/(loss)
on investment in gold .......................................
23,404(7,226,487)
2,319,528(605,319)(5,488,874)
Net income/(loss) ................................................. $Net income/(loss) per share .................................. $Weighted average number of shares (in 000’s) .....

(51,127) $ (7,290,456) $ 2,259,414(0.12) $419,398

F-12(18.97) $384,292

6.37
354,837$$(664,300) $ (5,746,469)(1.90) $349,115(15.25)376,931

4.

Related Parties – Sponsor and Trustee

The Trust’s only recurring fixed expense is the Sponsor’s fee which accrues daily at an annual rate equal to 0.40% of the daily NAV,in exchange for the Sponsor assuming the responsibility to pay all ordinary fees and expenses of the Trust which include fees andexpenses of the Trustee, the fees and expenses of the Custodian for the custody of the Trust’s gold bars, the fees and expenses of theSponsor, certain taxes, the fees of the Marketing Agent, printing and mailing costs, legal and audit fees, registration fees, NYSE Arca
listing fees and other marketing costs and expenses.
Affiliates of the Trustee may from time to time act as Authorized Participants or purchase or sell gold or Shares for their own account,as agent for their customers and for accounts over which they exercise investment discretion.
5.

Concentration of Risk

The Trust’s sole business activity is the investment of gold. Various factors could affect the price of gold including: (i) global supply
and demand, which is influenced by such factors as gold’s uses in jewelry, technology and industrial applications, purchases made byinvestors in the form of bars, coins and other gold products, forward selling by gold producers, purchases made by gold producers to
unwind gold hedge positions, central bank purchases and sales, and production and cost levels in major gold-producing countries suchas China, Australia, and the United States; (ii) investors’ expectations with respect to the rate of inflation; (iii) currency exchange
rates; (iv) interest rates; (v) investment and trading activities of hedge funds and commodity funds; (vi) other economic variables suchas income growth, economic output, and monetary policies; and (vii) global or regional political, economic or financial events andsituations, especially those that are unexpected in nature. In addition, while gold is used to preserve wealth by investors around theworld, there is no assurance that gold will maintain its long-term value in terms of purchasing power in the future. In the event that theprice of gold declines, the Sponsor expects the value of an investment in the Shares to decline proportionately. Each of these events
could have a material effect on the Trust’s financial position and results of operations.
6.

Indemnification

The Sponsor, and its shareholders, members, directors, officers, employees, affiliates and subsidiaries, are indemnified by the Trustand held harmless against certain losses, liabilities or expenses incurred in the performance of their duties under the Trust Indenture
without gross negligence, bad faith, willful misconduct, willful malfeasance or reckless disregard of the indemnified party’s
obligations and duties under the Trust Indenture. Such indemnity includes payment by the Trust of the costs and expenses incurred indefending against any claim or liability under the Trust Indenture. Under the Trust Indenture, the Sponsor may be able to seek
indemnification by the Trust for payments it makes in connection with the Sponsor’s activities under the Trust Indenture to the extent
its conduct does not disqualify it from receiving such indemnification under the terms of the Trust Indenture. The Sponsor is also
indemnified by the Trust and held harmless against any loss, liability or expense arising under the Amended and Restated Marketing
Agent Agreement between the Sponsor and the Marketing Agent effective July 17, 2015, as amended, or any agreement entered intowith an Authorized Participant which provides the procedures for the creation and redemption of Baskets and for the delivery of gold
and any cash required for creations and redemptions insofar as such loss, liability or expense arises from any untrue statement or
alleged untrue statement of a material fact contained in any written statement provided to the Sponsor by the Trustee. Any amounts
payable to the Sponsor are secured by a lien on the Trust’s assets.
The Sponsor has agreed to indemnify certain parties against certain liabilities and to contribute to payments that such parties may berequired to make in respect of those liabilities. The Trustee has agreed to reimburse such parties, solely from and to the extent of theTrust’s assets, for indemnification and contribution amounts due from the Sponsor in respect of such liabilities to the extent theSponsor has not paid such amounts when due. The Sponsor has agreed that, to the extent the Trustee pays any amount in respect of thereimbursement obligations described in the preceding sentence, the Trustee, for the benefit of the Trust, will be subrogated to and will
succeed to the rights of the party so reimbursed against the Sponsor.

F-13

7.

Financial Highlights

The Trust is presenting the following financial highlights related to investment performance and operations of a Share outstanding forthe years ended September 30, 2022, 2021 and 2020, respectively. The total return at net asset value is based on the change in net asset
value of a Share during the period and the total return at market value is based on the change in market value of a Share on the NYSE
Arca during the period. An individual investor’s return and ratios may vary based on the timing of capital transactions.
Year Ended
Sep-30, 2022

Net Asset Value
Net asset value per Share, beginning of period ....... $Net investment income/(loss) ..................................
Net Realized and Change in Unrealized
Gain/(Loss) .........................................................
Net Income/(Loss)...................................................

Year Ended
Sep-30, 2021

Year Ended
Sep-30, 2020

162.96 $(0.68)

177.15 $(0.68)

140.00(0.64)(6.59)(13.51)

37.79(7.27)(14.19)37.15

Net asset value per Share, end of period ................. $155.69$162.96$177.15Market value per Share, beginning of period .......... $164.22$

177.12$138.87

Market value per Share, end of period .................... $154.67$164.22$

177.12

Ratio to average net assets
Net investment loss .................................................

(0.40)%(0.40)%(0.40)%

Gross expenses ........................................................

0 .40%

0 .40%

0 .40%Net expenses ...........................................................

0 .40%

0 .40%

0 .40%

Total Return, at net asset value ...............................

(4.46)%(8.01)%

26.54%

Total Return, at market value ..................................

(5.82)%(7.28)%

27.54%

F-14

Exhibit 4.4

DESCRIPTION OF SECURITIES REGISTEREDUNDER SECTION 12 OF THE SECURITIES EXCHANGE ACT OF 1934
The following is a summary of the rights of the SPDR® Gold Shares (the “Shares”) of SPDR® Gold Trust (the “Trust”), which is the
only class of securities of the Trust that is registered under Section 12 of the Securities Exchange Act of 1934.
GENERAL
BNY Mellon Asst Servicing, a division of The Bank of New York Mellon (the “Trustee”) is authorized under the Trust Indenture (the“Trust Indenture”) dated November 12, 2004, as amended from time to time, between World Gold Trust Services, LLC (the“Sponsor”) and the Trustee to create and issue an unlimited number of Shares. The Shares represent units of fractional undivided
beneficial interest in and ownership of the Trust and have no par value. Any creation and issuance of Shares above the amountregistered on the registration statement will require the registration of such additional Shares.
DESCRIPTION OF LIMITED RIGHTSThe Shares do not represent a traditional investment and Shareholders should not view them as similar to “shares” of a corporation
operating a business enterprise with management and a board of directors. Shareholders do not have the statutory rights normallyassociated with the ownership of shares of a corporation, including, for example, the right to bring “oppression” or “derivative”
actions. All Shares are of the same class with equal rights and privileges. Each Share is transferable, is fully paid and non-assessableand entitles the holder to vote on the limited matters upon which Shareholders may vote under the Trust Indenture. The Shares do notentitle their holders to any conversion or pre-emptive rights, or, except as provided below, any redemption rights or rights todistributions.
DISTRIBUTIONSThe Trust Indenture provides for distributions to Shareholders in only two circumstances. First, if the Trustee and the Sponsor
determine that the Trust’s cash account balance exceeds the anticipated expenses of the Trust for the next 12 months and the excess
amount is more than $0.01 per Share outstanding, they shall direct the excess amount to be distributed to the Shareholders. Second, if
the Trust is terminated and liquidated, the Trustee will distribute to the Shareholders any amounts remaining after the satisfaction of
all outstanding liabilities of the Trust and the establishment of such reserves for applicable taxes, other governmental charges andcontingent or future liabilities as the Trustee shall determine. Shareholders of record on the record date fixed by the Trustee for a
distribution will be entitled to receive their pro rata portion of any distribution.
VOTING AND APPROVALS
Under the Trust Indenture, Shareholders have no voting rights, except in the following limited circumstances: (i) shareholders holding
at least 662/3% of the Shares outstanding may vote to remove the Trustee; (ii) the Trustee may terminate the Trust upon the agreementof Shareholders owning at least 662/3% of the outstanding Shares; and (iii) certain amendments to the Trust Indenture require 51% or
unanimous consent of the Shareholders.
BOOK ENTRY FORM
Individual certificates will not be issued for the Shares. Instead, global certificates are deposited by the Trustee with DTC andregistered in the name of Cede & Co., as nominee for DTC. The global certificates evidence all of the Shares outstanding at any time.
Under the Trust Indenture, Shareholders are limited to: (1) DTC Participants; (2) those who maintain, either directly or indirectly, acustodial relationship with a DTC Participant, or Indirect Participants; and (3) those banks, brokers, dealers, trust companies andothers who hold interests in the Shares through DTC Participants or Indirect Participants. The Shares are only transferable through the
book-entry system of DTC. Shareholders who are not DTC Participants may transfer their Shares through DTC by instructing the
DTC Participant holding their Shares (or by instructing the Indirect Participant or other entity through which their Shares are held) totransfer the Shares. Transfers are made in accordance with standard securities industry practice.

Exhibit 23.1
Consent of Independent Registered Public Accounting Firm
We consent to the incorporation by reference in the registration statement on Form S-3 of SPDR® Gold Trust (the “Trust”) of ourreports dated November 23, 2022, with respect to the statements of financial condition of the Trust, including the schedules ofinvestment, as of September 30, 2022 and 2021, and the related statements of operations, cash flows and changes in net assets for eachof the years in the three-year period ended September 30, 2022, and the related notes, and the effectiveness of internal control overfinancial reporting as of September 30, 2022, which reports appear in the September 30, 2022 annual report on Form 10-K of theTrust. We also consent to the reference to our firm under the heading “Experts” in the above noted registration statement.
/s/ KPMG LLPNew York, New York
November 23, 2022

Exhibit 23.2
CONSENT OF CARTER LEDYARD & MILBURN LLP
We consent to the incorporation by reference in Registration Statement No. 333-267520 on Form S-3 of our opinion relating to
U.S. federal tax law contained in the section “United States Federal Tax Consequences” appearing in this Annual Report on Form 10K of the SPDR® Gold Trust for the year ended September 30, 2022.
/s/ Carter Ledyard & Milburn LLPNew York, New York
November 23, 2022

Exhibit 31.1
CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER PURSUANT TO RULE 13a-14(a)AND 15d-14(a) UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED
I, Joseph R. Cavatoni, certify that:1.

I have reviewed this annual report of the SPDR® Gold Trust (the “Trust” or “registrant”);

2.

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material factnecessary to make the statements made, in light of the circumstances under which such statements were made, not misleadingwith respect to the period covered by this report;

3.

Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in allmaterial respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods
presented in this report;

4.

The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures(as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in
Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

5.

a.

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed
under our supervision, to ensure that material information relating to the registrant, including its consolidated
subsidiaries, is made known to us by others within those entities, particularly during the period in which this report isbeing prepared;b.

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be
designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles;c.

Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report ourconclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by thisreport based on such evaluation; andd.

Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during theregistrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has
materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting;andThe registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control overfinancial reporting, to the auditors of the registrant and the audit committee of the registrant’s board of directors of World Gold
Trust Services, LLC (or persons performing the equivalent functions):a.

All significant deficiencies and material weaknesses in the design or operation of internal control over financial
reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and reportfinancial information; andb.

Any fraud, whether or not material, that involves persons who have a significant role in the registrant’s internal control
over financial reporting.

Date: November 23, 2022
/s/ Joseph R. Cavatoni
Joseph R. Cavatoni**
Principal Executive Officer***

The originally executed copy of this Certification will be maintained at the Sponsor’s offices and will be made available forinspection upon request.
The registrant is a trust and Mr. Cavatoni is signing in his capacity as Principal Executive Officer of World Gold Trust Services,
LLC, the Sponsor of the registrant.

Exhibit 31.2
CERTIFICATION OF PRINCIPAL FINANCIAL AND ACCOUNTING OFFICER PURSUANT TO RULE 13a-14(a)AND 15d-14(a) UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED
I, Amanda Krichman, certify that:1.

I have reviewed this annual report of the SPDR® Gold Trust (the “Trust” or “registrant”);

2.

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material factnecessary to make the statements made, in light of the circumstances under which such statements were made, not misleadingwith respect to the period covered by this report;

3.

Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in allmaterial respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods
presented in this report;

4.

The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures(as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in
Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

5.

a.

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed
under our supervision, to ensure that material information relating to the registrant, including its consolidated
subsidiaries, is made known to us by others within those entities, particularly during the period in which this report isbeing prepared;b.

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be
designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles;c.

Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report ourconclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by thisreport based on such evaluation; andd.

Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during theregistrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has
materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting;andThe registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control overfinancial reporting, to the auditors of the registrant and the audit committee of the registrant’s board of directors (or persons
performing the equivalent functions):a.

All significant deficiencies and material weaknesses in the design or operation of internal control over financial
reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and reportfinancial information; andb.

Any fraud, whether or not material, that involves persons who have a significant role in the registrant’s internal control
over financial reporting.

Date: November 23, 2022
/s/ Amanda Krichman
Amanda Krichman**Principal Financial and Accounting Officer***

The originally executed copy of this Certification will be maintained at the Sponsor’s offices and will be made available forinspection upon request.
The registrant is a trust and Ms. Krichman is signing in her capacity as Principal Financial and Accounting Officer of WorldGold Trust Services, LLC, the Sponsor of the registrant.

Exhibit 32.1
CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350
AS ADOPTED PURSUANT TOSECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Annual Report of SPDR® Gold Trust (the “Trust” or “registrant”) on Form 10-K for the period ending
September 30, 2022 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Joseph R. Cavatoni,
Principal Executive Officer of World Gold Trust Services, LLC, the Sponsor of the Trust, certify, pursuant to 18 U.S.C. § 1350, as
adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:(1) The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and(2) The information contained in the Report fairly presents, in all material respects, the financial condition and result of
operations of the Trust.
/s/ Joseph R. Cavatoni
Joseph R. Cavatoni**
Principal Executive Officer
November 23, 2022***

The originally executed copy of this Certification will be maintained at the Sponsor’s offices and will be made available forinspection upon request.
The registrant is a trust and Mr. Cavatoni is signing in his capacity as Principal Executive Officer of World Gold Trust Services,
LLC, the sponsor of the Trust.

Exhibit 32.2
CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350
AS ADOPTED PURSUANT TOSECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Annual Report of SPDR® Gold Trust (the “Trust” or “registrant”) on Form 10-K for the period ending
September 30, 2022 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Amanda Krichman,
Principal Financial and Accounting Officer of World Gold Trust Services, LLC, the sponsor of the Trust, certify, pursuant to18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:(1) The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and(2) The information contained in the Report fairly presents, in all material respects, the financial condition and result of
operations of the Trust.
/s/ Amanda Krichman
Amanda Krichman**Principal Financial and Accounting Officer
November 23, 2022***

The originally executed copy of this Certification will be maintained at the Sponsor’s offices and will be made available forinspection upon request.
The registrant is a trust and Ms. Krichman is signing in her capacity as Principal Financial and Accounting Officer of WorldGold Trust Services, LLC, the sponsor of the Trust.